LOS ANGELES, Jan. 13, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come February 14, 2022Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors who have purchased or otherwise acquired common stock of Sleep Number Corporation (“Sleep Number” or the “Company”) (SNBR). February 18, 2021 and July 20, 2021, inclusive (the “Class Period”).
If you have suffered a loss on your investments in Sleep Number or would like to inquire about potential claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/cases/sleep-number-corporation/. . You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.
On April 21, 2021, Sleep Number reported its financial results for the first quarter of 2021, with consensus revenue estimates missing due to supply chain disruptions caused by Winter Storm Uri in February 2021. Notably, “More than $50 million (two weeks) worth of shipments were delayed from the quarter due to temporary foam supply shortages,” accounting for nearly 9% of the company’s total quarterly revenue.
As a result of this news, Sleep Number’s stock fell $14.80, or 12%, to close at $110.13 per share on April 22, 2021, hurting investors.
Then, on July 20, 2021, Sleep Number released its financial results for the second quarter of 2021. Once again, the results missed consensus estimates, which the company attributed to supply shortages and component shortages.
As a result of this news, Sleep Number’s stock fell $14.46, or 12.88%, to close at $97.78 per share on July 21, 2021, further hurting investors.
The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors that: (i) Sleep Number suffered a severe disruption in its foam supply chain as a result of Winter Storm Uri; (ii) Sleep Number did not have the supply chain flexibility, redundancies and resiliency as presented to investors sufficient to offset the foam supply disruption caused by Winter Storm Uri; (iii) because foam was a necessary ingredient in the production of Sleep Numbers’ primary mattress products, Sleep Numbers’ ability to fulfill customer orders in a timely manner was materially impaired; (iv) as a result, Sleep Numbers was unable to meet increasing customer demand for Sleep Numbers products; and (v) as a result, Sleep Number was forced to delay shipments of mattresses to end users, pushing millions of dollars worth of sales into subsequent quarters and adversely affecting Sleep Numbers’ financial results.
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If you purchased or otherwise acquired Sleep Number common stock during the Class Period, you may adjourn the court no later than February 14, 2022 to seek appointment as lead plaintiff in this putative class action. You do not have to take any action at this time to join the Class; You may retain counsel of your choice, or do nothing and remain an absentee member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests related to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, Email California 90067 at 310-201-9150, toll free at 888-773-9224 [email protected], or visit our website at www.glancylaw.com. If inquiring by email, please include your postal address, telephone number and the number of shares purchased.
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Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224