NEW YORK, NY / ACCESSWIRE / October 4, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Bed Bath & Beyond Inc. ("Bed Bath & Beyond" or the "Company") (NASDAQ:BBBY). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Twitter and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 6, 2022, through his investment firm RC Ventures LLC ("RC Ventures"), activist investor Ryan Cohen sent a letter to Bed Bath & Beyond's board, in which Cohen announced that he owned a 9.8% stake in the Company and criticized its management.
On this news, Bed Bath & Beyond's stock climbed $5.53 per share, or 34%, to close at $21.71 per share on March 7, 2022. On March 25, 2022, Bed Bath & Beyond added three new directors appointed by RC Ventures.
Then, on August 15, 2022, RC Ventures announced the purchase of over one million January 2023 call options with exercise prices at $60, $75, and $80-all significantly higher than Bed Bath & Beyond shares were then trading.
On this news, Bed Bath & Beyond's stock price climbed $4.65 per share, or 29%, to close at $20.65 per share on August 16, 2022.
Finally, on August 18, 2022, RC Ventures announced that it would sell its entire stake in Bed Bath & Beyond. Also on August 18, 2022, Bloomberg published an article entitled "Bed Bath & Beyond Taps Kirkland & Ellis for Help Addressing Debt Load," reporting that the Company had hired a prominent law firm for help with its debt.
On this news, Bed Bath & Beyond's stock price fell $12.05 per share, or 52.21%, over the following two trading days, to close at $11.03 per share on August 19, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP
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