NEW YORK, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Bed Bath & Beyond Inc. ("Bed Bath & Beyond” or the "Company”) (NASDAQ: BBBY).
If you purchased or otherwise acquired Bed Bath & Beyond common stock between March 25, 2022 and August 18, 2022, inclusive (the “Class Period”) and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than November 7, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On March 6, 2022, Ryan Cohen (“Cohen”) sent a letter to Bed Bath & Beyond's board disclosing that his investment firm RC Ventures LLC owned a 9.8% stake in Bed Bath & Beyond. Cohen’s letter also criticized management for disappointing shareholder returns and perpetual underperformance and laid out suggestions to improve shareholder returns.
According to the complaint, on March 25, 2022, the Company announced, among other things, that it reached a cooperation agreement with Cohen giving him three board seats.
On August 16, 2022, RC Ventures LLC filed a Schedule 13D with the SEC signed by Cohen stating that “[a]s of the date hereof, RC Ventures directly beneficially owned 9,450,100 Shares, including 1,670,100 Shares underlying certain call options, constituting approximately 11.8% of the Shares outstanding.” According to the complaint, the 13D filing was materially false because, among other things, “Cohen submitted Schedule 13D for the purpose of creating [a] buying frenzy of BBBY stocks so that Cohen [could] finish selling his shares at artificially inflated price[s],” and “Cohen actually dumped most of his shares ‘as of the date hereof,’ on August 16, 2022.”
According to the complaint, also on August 16, 2022 “Cohen filed a Form 144 on paper providing notice of his intent to sell up to all his shares and additional call options. This filing was not disclosed to the public until the market closed the next day, August 17, 2022, at 5:07 pm, after Cohen finished his dumping of BBBY shares. Right after the disclosure of the filing, BBBY shares tumbled after hours from a record high $30.00 per
share to around $22.5 per share.”
Then, on August 18, 2022, Cohen, through his investment firm RC Ventures LLC, filed a Form 4 with the SEC reporting that his investment firm had sold all of its Bed Bath & Beyond shares. On August 18, 2022, Bed Bath & Beyond shares fell $4.53 per share, or 19.6%, to close at $18.55 per share. The next day shares fell more than 40% to close at $11.03 per share on August 19, 2022.
A class action lawsuit was filed on behalf of persons or entities that purchased or otherwise acquired Bed Bath & Beyond common stock during the Class Period.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
