Sunday, April 19, 2020 7:00 AM
HENDERSONVILLE, TN / ACCESSWIRE / April 19, 2020 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 19 years, announces that a purchaser of Bed Bath & Beyond Inc. (NASDAQ: BBBY) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between October 2, 2019 and February 11, 2020. Bed Bath & Beyond is a retailer that sells a range of domestic merchandise and home furnishings.
Bed Bath & Beyond Inc. (BBBY) Accused of Misleading Shareholders
According to the complaint, on October 2, 2019, Bed Bath & Beyond touted its updated fiscal 2019 full year financial outlook stating that “net sales are estimated to be around $11.4 billion and net earnings per diluted share are estimated to be between $2.08 and $2.13.” Later that day, Bed Bath & Beyond stated that the Company “[has] plans to aggressively reduce up to $1 billion of inventory at retail over the next 18 months.” Despite positive forward-looking statements, on January 8, 2020, the Company reported disappointing third quarter 2019 financials and withdrew its fiscal 2019 full year financial outlook. Then, on February 11, 2020, the Company announced its preliminary fourth quarter 2019 financial results, revealing a “5.4% decline in comparable sales driven by store traffic declines and inventory management issues” as well as “inventory within certain key categories… [being] too low or out-of-stock during the [holiday] period.” On this news, Bed Bath & Beyond’s stock price fell over 20% to close at $11.79 per share. The stock continues to decline.
Bed Bath & Beyond Shareholders Urged to Contact the Firm
If you purchased Bed Bath & Beyond securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®,their highest rating for both legal ability and ethics. Mr. Miles is amember of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors(Timothy L. Miles, Dec. 3, 2019).
SOURCE: The Law Offices of Timothy L. Miles