NEW YORK, June 19, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Lamb Weston Holdings, Inc. (NYSE: LW)?
- Did you purchase your shares between July 25, 2023 and April 3, 2024, inclusive?
- Did you lose money in your investment in Lamb Weston Holdings, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Lamb Weston Holdings, Inc. (“Lamb Weston” or the “Company”) (NYSE: LW) between July 25, 2023 and April 3, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Idaho and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Lamb Weston common stock, and/or would like to discuss your legal rights and options please visit Lamb Weston Holdings, Inc. Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
On July 25, 2023, Lamb Weston announced the completion of the design of a new Enterprise Resource Planning (“ERP”) software system that the Company would work to implement across its operations. The system would interface with the most important aspects of Lamb Weston’s business and operations, including, among other things, inventories and customer order shipments. According to the Company, the ERP system would drive efficiency through increased automation.
According to the Complaint, Defendants made numerous material misrepresentations and omissions regarding the design and implementation of Lamb Weston’s new ERP system. Specifically, throughout the Class Period, Defendants represented that, through the design of the Company’s new ERP system, Lamb Weston had “strengthen[ed] [its] operational infrastructure.” The Company also downplayed any issues it experienced with the implementation of the system as merely “usual bumps,” and told investors that its financial guidance for fiscal 2024 appropriately accounted for any negative financial impact associated with the system’s deployment.
The truth emerged on April 4, 2024, when Lamb Weston disclosed that it experienced significant challenges in its transition to the new ERP system. The disastrous roll-out caused the Company to lose $135 million in sales during the third quarter of fiscal 2024, and necessitated a $330 million reduction to its sales guidance for the full fiscal year.
On this news, Lamb Weston’s stock price fell $19.59 per share, or over 19%, to close at $81.53 per share on April 4, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than August 12, 2024. 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 Lamb Weston common stock, and/or would like to discuss your legal rights and options please visit Lamb Weston Holdings, Inc. Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@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 sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com
