Hagens Berman Alerts Whole Foods Market (NASDAQ: WFM) Investors of Securities Fraud Class Action Lawsuit Related to Package Mislabeling

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SAN FRANCISCO, Aug. 17, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts investors of the October 5, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against Whole Foods Market WFM  ("Whole Foods" or "the Company"). If you have losses in Whole Foods securities during the Class Period contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000, emailing WFM@hbsslaw.com or visiting http://hb-securities.com/investigations/WFM.

The lawsuit, pending in U.S. District Court for the Western District of Texas, is filed on behalf of investors who purchased Whole Foods securities between August 9, 2013 and July 30, 2015, inclusive, (the "Class Period").

The lawsuit stems from the revelation that Whole Foods officials failed to disclose that the Company routinely overstated the weight of its pre-packaged products, and overcharged consumers.  On June 25, 2015, the New York City Department of Consumer Affairs ("NYCDA") announced it had uncovered systematic overcharging for pre-packaged foods at Whole Foods' eight New York City locations. In response, Whole Foods stated that there was no evidence of overcharging and that it would vigorously defend itself against what it described as "overreaching allegations" by NYCDA.

But then, on July 29, 2015, the company filed its Form 8-K, announcing its financial and operating results for the quarter ended July 5, 2015. During its earnings call, the Company attributed its lower-than-expected quarterly results to the news of the NYCDA investigation, and the overcharging revelations. Glenda Flanagan, the company's Chief Financial Officer and Executive Vice President stated, "The impact was really felt across the whole country, not in New York City. This was national news." On this adverse news, Whole Foods' stock fell $4.74 per share, or 11.61%, to close at $36.08 on July 30, 2015.

If you were negatively impacted by your investment in Whole Foods between August 9, 2013 and July 30, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

Whistleblowers: Persons with non-public information regarding Whole Foods should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower 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 (510) 725-3000 or email WFM@hbsslaw.com.

About Hagens Berman

Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm headquartered in Seattle, Washington with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm's Securities Newsletter at http://www.hb-securities.com/newsletter. The firm's blog is located at www.meaningfuldisclosure.com. For the latest news from Hagens Berman, visit http://www.hbsslaw.com/newsroom or follow us on Twitter at @hagensberman.

Reed Kathrein, (510) 725-3000

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Posted In: Press Releases
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