Securities litigation partner James (Josh) Wilson encourages investors who have suffered losses of more than $100,000 in their sleep to contact him directly to discuss their options
New York, New York – (Newsfile Corp. – January 13, 2022) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential 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 of more than $100,000 between February 18, 2021 and July 20, 2021 by investing in Sleep Number stocks or options and discuss your legal rights, call Faruqi & Faruqi Partner Josh Wilson direct 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 women-owned securities firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the company and its officers violated federal securities laws by making false and/or misleading statements and/or by not disclosing the following: (1) Sleep Number experienced a serious disruption in its supply chain for foam suffered as a result of winter storm Uri; (2) 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; (3) because foam was a necessary ingredient in the production of Sleep Number’s primary mattress products, Sleep Number’s ability to fulfill customer orders in a timely manner was significantly impacted; (4) as a result, Sleep Number was unable to meet increasing customer demand for Sleep Number’s products; and (5) as a result, Sleep Number was forced to delay shipments of mattresses to end users, pushing multimillion-dollar 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 fiscal first quarter ended March 31, 2021 due to significant supply chain disruptions. Specifically, Sleep Number announced that Sleep Number had “deferred shipments of more than $50 million (two weeks) from the quarter due to temporary foam supply shortages,” representing nearly 9% of Sleep Number’s total quarterly revenue.
As a result of this news, Sleep Number’s share price fell almost 12% to $14.80 and closed at $110.13.
Then, on July 20, 2021, Sleep Number announced that Sleep Number had missed consensus estimates for the high and low ends of the second fiscal quarter ended June 30, 2021, again attributing a significant portion of the disappointing results to ” short-term delivery bottlenecks” and component shortages.
On the back of this news, Sleep Number’s stock price fell almost 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, who is reasonable and representative of the members of the class, and directs and oversees the litigation on behalf of the alleged class. Each member of the putative class may request the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in a recovery will not be affected by the decision whether or not to serve as 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.
lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to future matters. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110103