Bed Bath & Beyond, Inc. Investigation
NEW YORK, NY – August 31, 2022 – Wolf Haldenstein Adler Freeman & Herz LLP is investigating whether Bed Bath & Beyond, Inc. (“Bed Bath” or the “Company”) (NASDAQ: BBBY) complied with federal securities laws.
If you purchased or sold Bed Bath & Beyond securities between August 15, 2022 and August 19, 2022, please call Gregory Stone at (800) 575-0735 or (212) 545-4774 or email email@example.com.
On March 6, 2022, through his investment firm RC Ventures LLC, Ryan Cohen, the billionaire co-founder of Chewy Inc. who also serves as chairman of GameStop Corp., sent a letter to Bed Bath & Beyond’s board which announced that he owned a 9.8% stake in Bed Bath & Beyond and in which he criticized the Company’s management. On this news Bed Bath & Beyond stock to closed 34% higher on March 7, 2022 compared to its close on March 4, 2022, the previous trading day, on extremely heavy trading volume. On March 25, 2022, Bed Bath & Beyond added three new directors appointed by Ryan Cohen’s investment firm, RC Ventures LLC.
On August 15, 2022, Ryan Cohen, through his investment firm RC Ventures LLC, announced in an SEC filing purchases of over one million January 2023 call options with exercise prices at $60, $75, and $80-significantly higher than Bed Bath & Beyond shares were trading. On this news, Bed Bath & Beyond stock closed 29% higher.
Then, on August 18, 2022, Ryan Cohen, through his investment firm RC Ventures LLC, announced that he would sell his 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” which revealed the Company hired a law firm for help with its debt.
On this news, Bed Bath & Beyond shares fell $4.53 per share, or 19%, to close at $18.55 per share on August 18, 2022. Bed Bath & Beyond shares continued to drop on August 19, 2022, falling $7.52 per share, or 40%, from its August 18, 2022 close, to close at $11.03 per share.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this investigation, or have any questions regarding your rights and interests in this situation, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at firstname.lastname@example.org.