NEW YORK, Aug 24, 2022 /PRNewswire/ —
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Bed Bath & Beyond Inc. (NASDAQ: BBBY) resulting from allegations that Ryan Cohenhis investment firm RC Ventures LLC, and/or the Company may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased or sold Bed Bath & Beyond securities between August 15, 2022 other August 19, 2022, both dates inclusive, you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=8240 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
WHAT IS THIS ABOUT: On March 6, 2022through 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, 2022Bed Bath & Beyond added three new directors appointed by Ryan Cohen’s investment firm, RC Ventures LLC.
On August 15, 2022, Ryan Cohenthrough his investment firm RC Ventures LLC, announced in an SEC filing purchases of over one million Jan 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 to closed 29% higher on August 16, 2022 compared to its close on August 15, 2022on extremely heavy trading volume.
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. So 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, on extremely heavy trading volume. Bed Bath & Beyond shares continued to drop on August 19, 2022falling $7.52 per share, or 40%, from its August 18, 2022 close, to close at $11.03 per share, on extremely heavy trading volume.
WHY ROSES LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partners Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, PA
275 Madison Avenue, 40th Floor
New York, NY 10016
Phone: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
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