Bed bath and beyond stock full#

But the 20-year-old USC student posted on Reddit that he had exited his $130 million position before noon.Īug. 16, the share price of BBBY dropped from more than $26 a share to below $20 in a matter of minutes. 16- How a 20-year-old USC student netted $110m from a Bed Bath & Beyond stock dump at exactly the right time: By 2 p.m. 16 as retail investors on social media gravitated to the stock after a filing revealed activist investor Ryan Cohen was holding steady on his bet.Īug. 16- Bed Bath & Beyond shares jump as much as 78.8% after legendary meme stock investor’s latest bet: BBBY surged more than 70% on Aug. Here’s what we know about the chaotic summer preceding this past weekend’s tragedy:Īug. 31, the company is in the early stages of evaluating the complaint but based on current knowledge, the company believes the claims are without merit,” the Bed Bath & Beyond representative told me. “As previously noted in our 8-K filed Aug. It alleges that from March 2022 through August 2022, Arnal Ryan Cohen, an activist investor JP Morgan Securities LLC and others, “engaged in a fraudulent scheme to artificially inflate the price of BBBY publicly traded stock,” according to the court filings I reviewed. 23, listing the lead plaintiff as Pengcheng Si. District Court for the District of Columbia on Aug. In addition to financial challenges, a class action lawsuit was filed in the U.S. Sue Gove, an independent director at the company, became interim CEO, replacing Mark Tritton as CEO. Bed Bath & Beyond reported in earnings ending May 28 a net loss of $385 million, compared to a loss of $51 million the same time last year. The company also said it had eliminated the chief operating officer and chief stores officer roles. 31 that it had secured more than $500 million in new financing, planned to cut its workforce by 20% and close 150 “lower-producing” stores. “Our leadership team, including Laura, is focused on supporting our teams, making sure our stores, customers and partners are supported and advancing the strategies shared last week,” according to the representative.īed Bath & Beyond announced on Aug. I asked Bed Bath & Beyond what Crossen’s priorities would be stepping into the CFO role. According to the report, her base salary will increase by $200,000, with an increase of her target annual bonus opportunity to 70%. The company filed a Form 8-K with the Securities and Exchange Commission naming Crossen the interim CFO.

Bed bath and beyond stock full#

She has the full support of the organization, the board, and our outside advisors.” “Laura has been with the organization for more than 20 years and we are grateful for her leadership.

“Laura Crossen, Bed Bath & Beyond’s chief accounting officer, will assume the role of interim chief financial officer,” a company representative told me in an email on Tuesday. Arnal joined the company in May 2020 following a career in finance at Avon, Walgreens Boots Alliance, and Procter & Gamble. His death was then ruled a suicide on Monday by New York City’s medical examiner. Over the Labor Day weekend, the retailer announced that its CFO Gustavo Arnal, 52, passed away, stating the organization is “profoundly saddened by this shocking loss.” Local reports confirmed that Arnal fell to his death on Sept.

381 on the Fortune 500, is in the midst of meme stock mayhem, dire financial straits, executive upheaval, controversy, and tragedy.