A securities class action has been filed in the USDC — ID. against Lamb Weston Holdings, Inc. (LW) (“Lamb Weston” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Lamb Weston common stock between July 25, 2023 and April 3, 2024, both dates inclusive (the “Class Period”).
Defendant Lamb Weston is a food processing company, and one of the world’s largest producers of frozen potato products. The Company’s principal executive offices are located at 599 South Rivershore Lane, Eagle, Idaho. Lamb Weston common stock trades on the New York Stock Exchange (“NYSE”) under the ticker symbol “LW.” As of March 28, 2024, Lamb Weston had over 144 million shares of common stock outstanding, owned by hundreds or thousands of investors.
The claim arises on April 4, 2024, when Lamb Weston reported financial results for its fiscal third quarter 2024, and disclosed significant problems with its transition to the new ERP system.
The complaint alleges that, throughout the Class Period, 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. As a result of these misrepresentations, Lamb Weston stock traded at artificially inflated prices during the Class Period.
As a result of these disclosures, the price of Lamb Weston stock declined by $19.59 per share, or over 19%, thereby harming investors.
If you purchased Lamb Weston securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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