Philadelphia, Pennsylvania--(Newsfile Corp. - September 20, 2024) - Grabar Law Office is investigating claims on behalf of United Natural Foods, Inc. (NYSE: UNFI) shareholders. The investigation concerns whether certain officers of United Natural Foods have breached their fiduciary duties owed to the company.
Current United Natural Foods shareholders who have held United Natural Foods shares since prior to December 8, 2021, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever. Click here to learn more:https://grabarlaw.com/the-latest/unfi-shareholder-investigation/
WHY: An underlying securities fraud class action complaint has survived a motion to dismiss. The underlying complaint alleges that United Natural Foods, via certain of its officers and directors, failed to disclose to investors: (1) that, despite its cost saving Value Path initiative, United Natural Foods had not invested in improving its data management and related infrastructure; (2) that, as a result, the Company could not respond adequately to cost changes, such as inflationary pressure; (3) that, as a result, the Company could not appreciate the benefits of procurement gains and inventory gains achieved during fiscal 2022; (4) that, as a result of the foregoing, the Company's profitability would be materially adversely impacted; and (5) and that as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On September 13, 2024, a federal judge determined that the operative securities fraud class action complaint "plausibly pleads that the Profit Driver Statements, Profit Sustainability Statements, and Risk Factor Statements were materially misleading to a reasonable investor; thus, the motion to dismiss is denied with respect to those statements."
WHAT TO DO NOW: Current United Natural Foods shareholders who have held shares of the Company's stock since prior to December 8, 2021, have standing to seek corporate reforms, the return of funds back to company coffers, and potentially a receive a court approved incentive award if appropriate.
If you have held United Natural Foods shares since prior to December 8, 2021, and would like to learn more at no cost to you, please visit https://grabarlaw.com/the-latest/unfi-shareholder-investigation/ or contact Joshua Grabar at jgrabar@grabarlaw.com or Mia Heller at mheller@grabarlaw.com, or call us at 267-507-6085.
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