SAN FRANCISCO, April 05, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Lamb Weston Holdings, Inc. (NYSE: LW) investors who suffered substantial losses to submit your losses now.
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Lamb Weston Holdings, Inc. (LW) Investigation:
The investigation concerns whether Lamb Weston adequately disclosed the business and financial impact of the company’s transition to a new enterprise resource planning system in North America.
Specifically, on Apr. 4, 2024, Lamb Weston announced disappointing Q3 2024 financial results that widely missed consensus earnings and revenue estimates. Blaming the ERP transition for the miss and coincident with reducing FY 2024 guidance, the company said “[t]he ERP transition temporarily reduced the visibility of finished goods inventories located at distribution centers, which affected our ability to fill customer orders[]” and “[i]n turn, this pressured sales volume and margin performance.”
Problems with the company’s ERP transition negatively impacted its Q3 net income and adjusted EBITDA by about $72 million and $95 million, respectively.
On this news, the price of Lamb Weston shares tanked $19.59, or down over 19% in a single trading day.
“We’re investigating whether Lamb Weston may have soft peddled the magnitude of the ERP transition's effect on the company’s financial performance and outlook,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
If you invested in Lamb Weston and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Lamb Weston investigation, read more »
Whistleblowers: Persons with non-public information regarding Lamb Weston should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LW@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895
