A securities class action has been filed in the USDC — W.D.WA. against Starbucks Corp. (SBUX) (“Starbucks” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Starbucks securities between November 2, 2023 and April 30, 2024, both dates inclusive (the “Class Period”).
Starbucks is an American multinational chain of coffeehouses and roastery reserves. The Company serves a variety of coffees, foods, and teas in-store via in-person customer transactions and its mobile ordering feature.
The Complaint alleges that Defendants provided investors with material information concerning Starbucks’ fiscal year revenue for 2023 and expected guidance for the fiscal year 2024. Defendants’ statements included, among other things, confidence in Starbucks’ Reinvention and diversification of its global portfolio, which relies largely on both Rewards customers and more occasional consumers. Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning related to Starbucks’ Reinvention strategy, comprising: a roadmap and clear plan for success outside of the US, including opening new stores; positive same-store sales; and strong local innovation in foreign economies. Such statements absent these material facts caused Plaintiff and other shareholders to purchase Starbucks’ securities at artificially inflated prices.
The price of Starbucks’ common stock declined dramatically. From a closing market price of $88.49 per share on April 30, 2024, Starbucks’ stock price fell to $74.44 per share on May 1, 2024, a decline of over 15% in the span of just a single day.
If you purchased Starsbucks 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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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.