Shares in Bed Bath & Beyond have been highly volatile in recent months, being viewed as a so-called "meme" stock, which trade more on social media sentiment than economic fundamentals.Ĭohen, a billionaire investor, disclosed a stake of nearly 10% in early March. The company said it was "in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit."
The lawsuit also alleged that he issued materially misleading statements to investors. District Court for the District of Columbia alleged that Arnal "agreed to regulate all insider sales by BBBY's officers and directors to ensure that the market would not be inundated with a large number of BBBY shares at a given time." The 2900 Meadow Creek department store is slated to close. The class action lawsuit listed Arnal as one of the defendants and was brought by a group of shareholders who claimed they lost around $1.2 billion. Bed Bath & Beyond has confirmed it will be closing 56 of its 150 stores in hopes to bolster business, and north Louisiana was not spared. 23, the company, Arnal and major shareholder Ryan Cohen were sued over accusations of artificially inflating the firm's stock price in a "pump and dump" scheme, with the lawsuit alleging Arnal sold off his shares at a higher price after the scheme. The sales amounted to about $1.4 million, and Arnal still had almost 255,400 shares remaining. I advise all not to let them get your phone number. 16-17, Reuters' calculations showed based on SEC filings. 306 reviews of Bed Bath & Beyond I agree with the other reviewers that chain stores do not belong. REUTERS/Andrew Kelly/File PhotoĪrnal sold 55,013 shares in Bed Bath & Beyond in multiple transactions on Aug. Signage is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022.
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