Philadelphia, Pennsylvania – (Newsfile Corp. – Jan 13, 2022) – Berger Montague is investigating the securities of Sleep Number Corp. on behalf of investors. (“Sleep Number” or the “Company”) have purchased securities fraud allegations (NASDAQ: SNBR) between February 18, 2021 and July 20, 2021 (the “Class Period”).
If you have purchased Sleep Number securities during the class action period, would like to discuss the Berger Montague investigation, or have questions about your rights or interests, please contact attorney Andrew Abramowitz at firstname.lastname@example.org or (215) 875-3015 or Michael Dell ‘Angelo at email@example.com or (215) 875-3080, or visit: https://bergermontague.com/cases/berger-montague-investigates-securities-fraud-against-sleep-number-corp /.
Whistleblower: Anyone with nonpublic information regarding their sleep number is encouraged to confidentially assist Berger Montague’s investigation or to use the SEC’s whistleblower program. Under this program, whistleblowers who provide original information can receive rewards of up to thirty percent (30%) of SEC recoveries. Contact us for further information.
According to a recent complaint, Sleep Number and its senior management have misrepresented and / or failed to disclose that the company suffered a serious disruption in its foam supply chain due to winter storm Uri and, contrary to what it claims, the company did not have the flexibility to do so the supply chain and the necessary redundancies to compensate for these disruptions. As a result, Sleep Number’s ability to fulfill customer orders on time has been severely impacted.
On April 21, 2021, Sleep Number announced that it had missed its sales estimates for the first quarter of 2021 due to significant supply chain disruptions. On the news, Sleep Number stock fell nearly 12% to close at $ 10.13 per share.
Then, on July 20, 2021, the company announced disappointing results for the second quarter of 2021 and again blamed its performance on “short-term supply bottlenecks”. Shares fell $ 14.46 per share, or 13%, from a closing price of $ 112.24 per share on July 20 to a closing price of $ 97.78 per share on July 21.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, DC, and San Diego, has been a pioneer in securities class actions since its inception in 1970. Berger Montague has represented private and institutional investors for over five decades and has served as lead counsel in courts across the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell’Angelo, managing partner
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