Bronstein, Gewirtz & Grossman, LLC, A Successful Firm, Notifies Bed Bath & Beyond Inc. (BBBY) Investors of Class Action and Encourages Investors to Actively Participate
NEW YORK, Sept. 7, 2022 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Bed Bath & Beyond Inc. ("Bed Bath & Beyond" or the "Company") (NASDAQ: BBBY) and certain of its officers, on behalf of all persons and entities that purchased, or otherwise acquired Bed Bath & Beyond securities between March 25, 2022, to August 18, 2022, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/bbby.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The Complaint alleges that Defendants made materially misleading statements and omissions to investors regarding Bed Bath & Beyond's strategic company plans, financial condition, cooperation with Ryan Cohen ("Cohen") and RC Ventures LLC ("RC"), and reports of shares holding and selling during the Class Period. Specifically, the complaint alleges that: (1) Cohen and Arnal Gustavo ("Gustavo") engaged in a fraudulent scheme to artificially inflate the price of BBBY publicly traded stock, and more specifically, Cohen, Gustavo, and others, with JP Morgan Securities LLC's ("JPM") aiding and abetting, blatantly misrepresented the value and profitability of BBBY causing BBBY to (a) report revenues that was fictitious, and (b) announce publicly that the Company is successfully on the way spinning off Buybuy Baby to "unlock[] full value" of this "tremendous asset", when, in reality, the Buybuy Baby business were small, with minimal revenues, and outside companies would pay BBBY only a small fraction of the announced prices; and (2) among other things, Defendants submitted a materially false and constitutes a false written filing because (a) upon information and belief, Cohen sold most of the 9,450,100 Shares when the filing was submitted; (b) Cohen submitted the SEC filing for the purpose of creating buying frenzy of BBBY stocks so that Cohen can finish selling his shares at artificially inflated price on the public; and (c) Cohen actually dumped most of his shares "as of the date hereof," on August 16, 2022.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/bbby or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Bed Bath & Beyond you have until November 7, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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