RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Starbucks Corporation. (“Starbucks” or the “Company”) (NASDAQ: SBUX) securities during the period from November 2, 2023 through April 30, 2024, inclusive (the “Class Period”).
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Starbucks shareholders may, no later than October 28, 2024, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Starbucks and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
The Starbucks class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that they possessed reliable information pertaining to Starbucks’ projected outlook and anticipated growth while also minimizing risk from seasonality and growth in foreign markets, particularly China; (ii) Starbucks’ Reinvention platform, which Starbucks claimed would prioritize business growth globally, failed to meet Starbucks’ stated measures; and (iii) Starbucks’ plan was ill equipped to handle the existing macro uncertainty and competition, particularly in the Chinese market.
The Starbucks class action lawsuit further alleges that on April 30, 2024, Starbucks announced disappointing second quarter 2024 results, stating that store sales declined globally 4%, with traffic falling 7%, and further disclosed a 2% decline in new revenues to $8.6 billion. Starbucks also lowered its guidance for fiscal year 2024, citing global declines in store sales, net revenues, and both GAAP and non-GAAP earnings, according to the complaint. The Starbucks class action lawsuit alleges that on this news, the price of Starbucks stock fell more than 15%.
If you are a member of the class, you may, no later than October 28, 2024, request that the Court appoint you as lead plaintiff of the class. 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 RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at rm@maniskas.com or click here. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website by clicking here.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: RM LAW, P.C.
Richard A. Maniskas, Esquire
1055 Westlakes Dr., Ste. 300
Berwyn, PA 19312
484-324-6800
844-291-9299
rm@maniskas.com
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