2022-06-24 | NDAQ:SNBR | Press release
Former Louisiana Attorney General Charles C. Foti, Jr., Esq., a partner at the law firm Kahn Swick & Foti, LLC (“KSF”), announces that KSF has opened an investigation into Sleep Number Corporation (NasdaqGS : SNBR).
Until early 2021, the company repeatedly touted its vertical integration and robust supply chain, and therefore its ability to meet growing customer demand. However, in February 2021, Winter Storm Uri caused extensive damage to local water and power infrastructure on the Gulf Coast of the United States, leading to an interruption in the supply of petrochemical components used in the manufacture of foam, which was not disclosed by the company. In April 2021, the company disclosed that it had missed consensus sales estimates for the quarter due to significant supply chain disruptions, while downplaying the future impact of the disruptions. Then, in July 2021, the company again revealed disappointing financial results due in large part to “short-term supply constraints” and component shortages.
The Company was subsequently sued in a securities class action lawsuit for failing to disclose material information in violation of federal securities laws, which is still pending.
KSF’s investigation focuses on whether Sleep Number’s officers and/or directors breached their fiduciary duties to the company’s shareholders or otherwise violated federal or state laws.
If you have information that may help KSF in its investigation, or if you have long held Sleep Number stock and would like to discuss your legal rights, you may, at no obligation or cost to you, call toll-free 1-877 -515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-snbr/ to learn more .
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, fund managers and retail investors – seeking to recover investment losses due to corporate fraud and malfeasance by listed companies in stock exchange. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you can visit www.ksfcounsel.com.