Did you lose money on investments in United Natural Foods, Inc.? If so, please visit United Natural Foods, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, April 13, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of United Natural Foods, Inc. (“United Natural Foods” or the “Company”) (NYSE: UNFI) between March 10, 2021 and March 7, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
United Natural Foods is a distributor of natural, organic, specialty, produce and conventional grocery and non-food products. The Company has two reportable segments: Wholesale, which includes grocery, fresh, wellness, private brands, eCommerce, and food service; and Retail, which includes 73 retail grocery stores that offer groceries, general merchandise, home, health and beauty care, and pharmacy. The Wholesale segment accounts for more than 95% of United Natural Foods’ net sales.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) despite its cost saving Value Path initiative, United Natural Foods had not invested in improving its data management and related infrastructure; (2) the Company could not respond adequately to cost changes, such as inflationary pressure; (3) the Company could not appreciate the benefits of procurement and inventory gains achieved during fiscal 2022; and (4) the Company’s profitability would be materially adversely impacted.
On March 8, 2023, before the market opened, United Natural Foods announced its second quarter 2023 financial results, revealing a $6 million decline in gross profit, despite a 6% increase in net sales. The Company stated that its profits “were challenged as we did not repeat the significant level of procurement gains from rapidly accelerating inflation and inventory gains, due to supply chain volatility, that we experienced in the second quarter of last year.”
On this news, the Company’s stock price fell $11.49, or 28.1%, to close at $29.47 per share on March 8, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than May 19, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired United Natural Foods securities, and/or would like to discuss your legal rights and options please visit United Natural Foods, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
