Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Starbucks Corporation (NASDAQ: SBUX) securities between November 2, 2023 and April 30, 2024. Starbucks is an American multinational chain of coffeehouses and roastery reserves.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Starbucks Corporation (SBUX) Misled Investors Regarding its Business Prospects
According to the complaint, during the class period, defendants created the false impression that they possessed reliable information pertaining to the Company’s projected revenue outlook and anticipated growth while also minimizing risk from seasonality and growth in foreign markets, particularly China. In truth, Starbucks’ Reinvention platform, which the Company claimed would prioritize business growth globally, failed to meet Starbucks’ stated measures; Starbucks’ plan was ill equipped to handle the existing macro uncertainty and competition, particularly in the Chinese market.
On April 30, 2024, after market hours, Starbucks issued a press release announcing disappointing Q2 Fiscal 2024 highlights and lowered their guidance for FY 2024. On this news, Starbucks' stock price fell from $88.49 per share on April 30, 2024, to $74.44 per share on May 1, 2024, a decline of over 15% in the span of just a single day.
What Now: You may be eligible to participate in the class action against Starbucks Corporation. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by October 28, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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