Deadline: October 28, 2024: Contact Gross Law Firm to join the class action lawsuit against SBUX
NEW YORK, September 12, 2024 /PRNewswire/ — The Gross Law Firm issues the following notice to shareholders of Starbucks Corporation (NASDAQ:SBUX).
Shareholders who purchased shares of SBUX during the indicated period are encouraged to contact the firm regarding a possible appointment as lead plaintiff. Appointment as lead plaintiff is not required to participate in any compensation.
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LESSON: 2 November 2023 to 30 April 2024
ALLEGATIONS: According to the complaint, after the market closed on April 30, 2024, investors began to question the credibility of defendants’ public statements after Starbucks released its second quarter fiscal 2024 earnings press release and accompanying conference call that same day. In relevant part, defendants announced disappointing results for the second quarter of fiscal 2024, stating that global store sales declined 4% and customer traffic declined 7%. They also announced a 2% decline in new revenue to $8.6 billion. Based on these results, Starbucks additionally lowered its fiscal 2024 guidance, citing global declines in store sales, net income, and both GAAP and non-GAAP earnings. The company attributed its results and lowered guidance to the issues Starbucks faced in China. CFO Ruggeri stated regarding the Chinese market: “We are still seeing the impact of a slower than expected recovery and we see fierce competition among the value players in the market.” Investors and analysts reacted immediately to Starbucks’ revelation. The price of Starbucks common stock fell dramatically. From a closing price of $88.49 per share on April 30, 2024, Starbucks’ share price fell to $74.44 per share on May 1, 2024 – a drop of over 15% in just a single day.
DEADLINE: 28 October 2024 Shareholders should not hesitate to sign up for this class action lawsuit. Register your information here: https://securitiesclasslaw.com/securities/starbucks-loss-submission-form/?id=101885&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of SBUX during the above-mentioned time period, you will be enrolled in portfolio monitoring software that will provide you with status updates throughout the lifecycle of the case. The deadline to apply to be lead plaintiff is October 28, 2024. There is no cost and no obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action litigation firm. Our mission is to protect the rights of all investors who have suffered from deception, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and act as corporate citizens. The firm seeks compensation on behalf of investors who have suffered losses when a company’s false and/or misleading statements or omission of material information have resulted in the artificial inflating of the company’s stock price. Attorney Advertising. Past results do not guarantee similar results.
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