James (Josh) Wilson, partner in Securities Litigation, encourages investors who have suffered losses in excess of $ 100,000 while sleeping to contact him directly to discuss their options
New York, New York – (Newsfile Corp. – January 11, 2022) – Faruqi & Faruqi, LLP, a leading national securities firm, is investigating possible claims against Sleep Number Corporation (“Sleep Number” or the “Company”) (NASDAQ : SNBR) and reminds investors of the February 14, 2022 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the company.
If you suffered losses in excess of $ 100,000 between February 18, 2021 and July 20, 2021 investing in Sleep Number stocks or options and would like to discuss your legal rights, call Faruqi & Faruqi Partners Josh Wilson directly at the 877-247-4292 or 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/SNBR.
There are no costs or obligations for you.
Faruqi & Faruqi is a leading national minority and female securities firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the company and its officers have violated U.S. securities laws by making false and / or misleading statements and / or failing to disclose: (1) Sleep Number had a serious malfunction Uri suffered in its foam supply chain as a result of winter storm; (2) Sleep Number did not have the supply chain flexibility, redundancy, and resiliency as presented to investors, sufficient to offset the foam disruption caused by winter storm Uri; (3) because foam was a necessary component in the production of Sleep Number’s main mattress products, Sleep Number’s ability to fulfill customer orders on time was severely compromised; (4) thus, Sleep Number has been unable to meet increasing consumer demand for Sleep Number products; and (5) as a result, Sleep Number was forced to delay shipping mattresses to end users, driving millions in sales into subsequent quarters and adversely affecting Sleep Number’s financial results.
On April 21, 2021, Sleep Number announced that Sleep Number had missed consensus revenue estimates for the first fiscal quarter ended March 31, 2021 due to significant supply chain disruptions. Specifically, Sleep Number announced that Sleep Number “postponed more than $ 50 million in shipments (two weeks) out of the quarter due to temporary foam supply bottlenecks,” representing nearly 9% of Sleep Number’s total revenue for the quarter.
As a result of this news, Sleep Number shares fell nearly 12% to $ 14.80 and closed at $ 10.13.
Then, on July 20, 2021, Sleep Number announced that Sleep Number had made the Consensus Estimates for Fiscal Quarter Two Revenue and Bottom Line 30 and Component Shortages.
As a result of this news, Sleep Number stock fell nearly 13% to $ 14.46 and closed at $ 97.78, further hurting investors.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the remedy sought by the class, which is appropriate and typical of the class directing and overseeing the litigation on behalf of the alleged class action. Any member of the alleged group may have the court lead plaintiff through an attorney of their choice or may choose not to do anything and remain an absent member of the group. Your ability to participate in a recovery will not be affected by whether or not you will be the lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Sleep Number’s conduct to contact the company, including whistleblowers, former employees, shareholders, and others.
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