Press release
Lawsuit filed for Investors who lost money with shares of Starbucks Corporation (NASDAQ: SBUX)
A lawsuit was filed on behalf of investors in Starbucks Corporation (NASDAQ: SBUX) shares over alleged securities laws violations.
Investors who purchased shares of Starbucks Corporation (NASDAQ: SBUX) have certain options and for certain investors are short and strict deadlines running. Deadline: October 28, 2024. NASDAQ: SBUX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On November 2, 2023, Starbucks Corporation announced its 2023 full year fiscal highlights. On an earnings call the same day, the CFO of Starbucks Corporation outlined fiscal year 2024 guidance.
On January 30, 2024, Starbucks Corporation published their first quarter fiscal 2024 results and reduced their projections for fiscal year 2024.
Then on April 30, 2024, after market hours, Starbucks announced its second quarter fiscal 2024 earnings and the accompanying same-day earnings call. In pertinent part, Starbucks Corporation announced disappointing Q2 Fiscal 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. On the back of these results, Starbucks Corporation additionally lowered their guidance for FY 2024, citing global declines in store sales, net revenues, and both GAAP and non- GAAP earnings. The Company attributed its results and lowered guidance on the issues Starbucks was facing in China, with CFO of Starbucks Corporation stating, in reference to the Chinese market, "we still see the effects of a slower-than-expected recovery, and we see fierce competition among value players in the market." Investors and analysts reacted immediately to Starbucks' revelation. The price of Starbucks' common stock declined dramatically.
Shares of Starbucks Corporation (NASDAQ: SBUX) declined from $107.66 per share on November 16, 2023, to as low as $72.67 per share on May 1, 2024.
The plaintiff claims that between November 2, 2023 and April 30, 2024, the defendants made false and/or materially misleading statements about the Company's projected revenue outlook and anticipated growth while also minimizing risk from seasonality and growth in foreign markets, particularly China.
Those who purchased shares of Starbucks Corporation (NASDAQ: SBUX) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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