Vitiello v. Bed Bath and Beyond Inc., et al.
Bernstein Liebhard is court-appointed lead counsel in the Vitiello v. Bed Bath and Beyond Inc., et al. case in the United States District Court for the District of New Jersey. The current operative complaint (the “Complaint”) alleges that Bed Bath & Beyond Inc., (“Bed Bath & Beyond” or the “Company”) misled shareholders that purchased or otherwise acquired Bed Bath & Beyond securities between October 2, 2019 and February 11, 2020, inclusive (the “Class Period”). Specifically, the Complaint alleges that the Company and certain top executives failed to disclose to investors that: (i) due to “aggressive disposition of inventory,” the Company lacked sufficient inventory in key categories to support holiday sales; (ii) the Company’s internal control over inventory levels and financial reporting was not effective; (iii) the Company was likely to experience reduced sales; and (iv) as a result of the foregoing, the positive statements made throughout the Class Period about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. Defendants moved to dismiss on December 21, 2020. The motion was fully briefed by March 15, 2021. The parties began settlement discussions in June, 2021 and went to mediation in August, 2022. The case settled for $7 million.