Bernstein Liebhard LLP Announces That Less Than Two Weeks Remain To File A Motion For Lead Plaintiff In A Pending Class Action Against Whole Foods Market, Inc.
September 24, 2015
Bernstein Liebhard LLP today announced that less than two weeks remain to file a motion for lead plaintiff in a class action pending in the United States District Court for the Western District of Texas on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of Whole Foods Market, Inc. (“Whole Foods” or the “Company”) (NASDAQ: WFM) between August 9, 2013 and July 30, 2015, inclusive (the “Class Period”). The action alleges violations of the Securities Exchange Act of 1934.
Whole Foods is a retailer of natural and organic foods. Among other things, the Company’s stores offer produce, grocery, meat, seafood, coffee, tea, beer, wine, cheese, nutritional supplements, vitamins, and body care products, as well as lifestyle products, including books, pet products, and household products.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and failed to disclose that: (i) Whole Foods routinely overstated the weight of its pre-packaged products and overcharged customers; and (ii) as a result of the foregoing, Defendants’ statements about Whole Foods’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On July 29, 2015, after the close of trading, Whole Foods released lower-than-expected quarterly earnings and fourth-quarter guidance, which the Company attributed in part to the New York City Department of Consumer Affairs’ allegation that the Company had a long running scheme to defraud Whole Foods shoppers through mislabeling product weights. On this news, the Company’s shares fell $4.74 per share, or nearly 12%, to close on July 30, 2015 at $36.08 per share.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Whole Foods securities during the Class Period. If you invested in Whole Foods securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than October 5, 2015.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action. If you are interested in discussing your rights as a Whole Foods investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Western District of Texas.