Other defendants in the suit include JP Morgan Securities, which is accused of helping Cohen and Arnal “effectuate” their sales “and otherwise launder the proceeds of their criminal conduct.”īBB, which is named as the lead defendant, is accused of making a “materially false and misleading statement” in an Aug. Total damages to all BBB shareholders, including the company’s interests, were about $1.2 billion as of Aug. 18 “and have suffered realized and market losses of approximately $106,480.” In court papers, plaintiff Pengcheng Si of Falls Church, Va., said she and her spouse bought 8,020 shares of BBB “at artificially inflated prices” between March 25 and Aug. The stock closed at $8.63 a share Friday. 17, shares in BBB fell from a “record high $30” to $8.78 on Aug. from his apartment at 56 Leonard St., a skyscraper known as the “Jenga building” because of its unique exterior, which resembles an uneven stack of blocks.Īrnal leaped from his apartment in the luxury “Jenga” building in Tribeca on September 2, 2022.Robert MillerĪfter the disclosure of Cohen’s and Arnal’s stock sales Aug. On Sunday, Reuters said its calculations showed that Arnal had actually sold 55,013 shares but didn’t say how much he netted.Īrnal died Friday in what cops believe was a suicide plunge at 12:20 a.m. 16, the same day Cohen cashed out, Arnal sold 42,513 shares of BBB stock worth more than $1 million, the MarketBeat website reported at the time. That tactic relies on the purchase of stock options and was employed during last year’s GameStop stock trading frenzy, according to The Motley Fool website.Ĭohen, the chairman of GameStop, came under fire last month for making $68.1 million in profits by unloading a stake in BBB that reportedly included 7.78 million shares and options to purchase another 1.67 million.Ĭohen’s lucrative 56% gain came about seven months after he first invested in BBB. 23 in Washington, DC, federal court, alleges that the scheme also involved “a classic attempt to spark a gamma squeeze.” Gustavo Arnal, who was the chief financial officer of BBB, is among the defendants named in a class-action suit that accuses him, founder Ryan Cohen and others of artificially inflating the troubled housewares giant’s share price. The deadline to use any value on gift cards is May 8.A Bed Bath & Beyond exec was facing a $1.2 billion “pump-and-dump” stock-fraud suit when he apparently leaped to his death from his swank 18th-floor apartment in Lower Manhattan last week. "It was in my wallet for longest time, when I heard aobut it I said I gotta go," Diggs said.Ĭustomers have just two weeks to redeem gift cards for both Bed Bath & Beyond and buybuy Baby.
The stores will remain open for a liquidation sale starting this Wednesday, but what does it mean if you have a gift card or a 20% off coupon or if you're just looking for a bargain?Īfter reading about Bed Bath & Beyond's bankruptcy, Dee Diggs hightailed it to the Chelsea store from Brooklyn to spend the gift card her daughter-in-law gave her for Christmas. NEW YORK (WABC) - The beleaguered Bed Bath & Beyond has filed for Chapter 11 bankruptcy and the 52-year-old retailer will begin "winding down" its 360 stores along with 120 buybuy Baby locations. Bed Bath & Beyond has filed for Chapter 11 bankruptcy and the retailer will begin winding down its 360 stores along with 120 buybuy Baby locations.
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