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At least three law firms on Wednesday announced investigations into any possible federal securities law violations by Bed Bath & Beyond Inc.'s (NASDAQ:BBBY) management.
What Happened
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The Law Offices of Frank R. Cruz, Howard G. Smith, and Gibbs Law Group all said that the home goods retailer's preliminary earnings report and the subsequent shares dip give rise to suspicion.
Bed Bath & Beyond's shares dropped more than 25.56% in the after-hours session on Wednesday, "on unusually heavy trading volume" the press release states, as the company reported a 5.4% decline in same-store sales in the first two months of the fourth financial quarter of 2019.
CEO Mark Tritton said that the company is "experiencing short-term pain" as it makes efforts to turn over its business. Tritton took charge of Bed Bath & Beyond in November last year, moving over from retailer Target Corporation (NYSE:TGT).
The company sold about half of its real estate to a private equity firm earlier this year to pay off debts and buy back shares.
"These developments may have come as a surprise to many," Gibbs Law Group said in a statement. All three firms are exploring the possibility of a class-action lawsuit on behalf of Bed Bath & Beyond's investors against the company's management.
Price Action
Bed Bath & Beyond shares closed 20.61% lower at $11.79 on Wednesday. The shares ticked slightly upwards at $11.84 in the after-hours session.
Photo Credit: Photo Credit: Public domain image via Wikimedia.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.