It forecast a bigger-than-expected 26% slump in same-store sales for the second quarter and said it would retain its buybuy Baby business, which it had put up for sale. Last week, Bed Bath & Beyond said it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its money-losing business. The big-box chain - once considered a so-called "category killer" in home and bath goods - has seen its fortunes falter after an attempt to sell more of its own-brand goods. Bed Bath & Beyond confirmed his death in a press statement on Sunday but gave no details. Bed Bath & Beyonds stock dropped 42 in after-hours trading, after it had already sank nearly 20 during the regular session to close at 18.55. ET (1630 GMT), police responded to a 911 call and found a 52-year-old man dead near the building who suffered injuries from a fall. He previously worked as CFO for cosmetics brand Avon in London and had a 20-year stint with Procter & Gamble Co (PG.N), according to his LinkedIn profile. 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."Īrnal joined Bed Bath & Beyond in 2020. 23 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. It also comes after Arnal as well as the company were sued on Aug. Arnal made over $3 million in 2021 between salary and stock compensations.Register now for FREE unlimited access to Register The class-action suit sits in stark contrast to Arnal, who reportedly sold around $1 million worth of shares in mid-August as his alleged pump-and-dump scheme was reaching its zenith. The company also announced it would be closing over 150 namesake stores and layoff over 20% of its workforce. 23 in Washington, DC, federal court, alleges that the scheme also involved “a classic attempt to spark a gamma squeeze.”Īrnal’s death comes at a time the lawsuit, stemming from a plaintiff’s argument that she bought over 8,000 shares of BBY between March and August of this year, has expanded to include clients whose total investments within that time frame exceeded $1.2 billion. The stock quadrupled in the first half of. Gustavo Arnal, the chief financial officer of the. Gustavo Arnal, who was the chief financial officer of BBB, is among the defendants named in a class-action suit that accuses him, founder Ryan Cohen and others of artificially inflating the troubled housewares giant’s share price. The saga surrounding Bed Bath & Beyond ( BBBY -9.29) stock continued Thursday after yet another twist from widely followed activist investor Ryan Cohen. New York (CNN Business) Shares of Bed Bath & Beyond is down nearly 20 in midday trading following the death of its one its top executives. Jake Freeman shed light on his background, his. Bed Bath & Beyond’s Chief Financial Officer Gustavo Arnal was identified by police as the man who jumped to his death this past weekend.Ī Bed Bath & Beyond exec was facing a $1.2 billion “pump-and-dump” stock-fraud suit when he apparently leaped to his death from his swank 18th-floor apartment in Lower Manhattan last week. A 20-year-old college student plowed 25 million into Bed Bath & Beyond stock, then cashed out a 110 million profit less than a month later. A corporate executive staring down a more than $1 billion class-action lawsuit for allegedly artificially inflating stock prices appears to have leapt to his death from a ritzy, iconic New York City building.
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