![]() The trio also argued that longtime Chief Executive Steven Temares should be replaced, saying his salary vastly exceeds that of his peers even as Bed Bath & Beyond’s stock has fallen due to sagging sales. Shares climbed as much as 30 percent early Tuesday after three hedgies unveiled a slate of 16 candidates to replace Bed Bath & Beyond’s 12-person board, claiming the current board is “entrenched” and displays a “lack of retail expertise.” Investors loaded their carts with Bed Bath & Beyond stock Tuesday after a hedge fund triumvirate called for an overhaul of the board and an ousting of its chief executive. District Court for the District of Columbia (Washington, DC). to relaunch Bed Bath & Beyond website after buying intellectual property for $21.5Mīed Bath & Beyond NYC customers 'devastated' after bankruptcy filingīed Bath & Beyond files for bankruptcy protection after long struggleīed Bath & Beyond races to raise capital with bankruptcy filing likely in coming days An email sent to Bed Bath & Beyond outside normal business hours seeking comment about the lawsuit wasn’t immediately returned. ![]() They “blatantly misrepresented the value and profitability” of the company, causing it to report inflated revenue, according to the filing, which was first reported by Business Insider. The complaint alleged that from March to August of this year, the parties artificially inflated Bed Bath & Beyond shares. The sales garnered US$1.4 million, according to Bloomberg calculations, and Arnal still had almost 255,400 shares remaining.Īrnal was also one of several parties, including Bed Bath & Beyond, named in a civil class action securities fraud suit filed Aug. Such trading plans are typically adopted by executives to sell stock on a regular basis. 16-17 as part of a Rule 10b5-1 trading plan entered into in April 2022. In a regulatory filing last month, Bed Bath & Beyond said Arnal sold more than 55,000 shares in multiple transactions on Aug. The New York Post first reported Arnal’s death. He was previously with Avon Products Inc., Walgreens Boots Alliance Inc. The plan also envisioned new financing and the sale of as many as 12 million shares.Īrnal joined the retailer in May 2020 as it navigated the coronavirus pandemic. “Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time.”Īrnal was among the Bed Bath & Beyond executives who provided details on Wednesday of the company’s turnaround plan, which included cutting 20 per cent of jobs across its corporate and supply-chain operations and closing about 150 lower-producing stores. Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our company,” Harriet Edelman, independent chair of the Bed Bath & Beyond’s board of directors, said in the statement. “I wish to extend our sincerest condolences to Gustavo’s family. The New York City Medical Examiner’s Office ruled the death a suicide, according to the New York Times. Earlier, the New York Police Department named the person as 52-year-old Arnal, resident of 56 Leonard Street - also known as the Jenga Building. The Union, New Jersey-based company confirmed in a statement Sunday it was Arnal who died. Chief Financial Officer Gustavo Arnal fell to his death from a skyscraper in Manhattan’s Tribeca neighbourhood on Friday. ![]()
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