NEW ORLEANS, Aug. 07, 2024 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until August 12, 2024 to file lead plaintiff applications in securities class action lawsuits against Lamb Weston Holdings, Inc. (: LW), if they purchased the Company’s shares between July 25, 2023 and July 23, 2024, inclusive (the “Class Period”). These actions are pending in the United States District Court for the District of Idaho.
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Lamb Weston investors should visit us at https://claimsfiler.com/cases/-lw/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuits
Lamb Weston and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 4, 2024, the Company disclosed that it had experienced significant problems with its transition to a new Enterprise Resource Planning (“ERP”) software system, which caused the Company to lose $135 million in sales during the third quarter of fiscal 2024 and necessitated a $330 million reduction to its sales guidance for the full fiscal year. On this news, the price of Lamb Weston’s shares fell by $19.59 per share, or over 19%. Then, on on July 24, 2024, the Company again announced disappointing financial results for the full fiscal year and fiscal fourth quarter of 2024 ended May 26, 2024 that came in well below the Company’s expectations, and substantially reduced its financial guidance for full fiscal year 2025 due to “impacts associated with the Company’s ERP transition[.]” On this news, the price of Lamb Weston’s shares fell by another $22.20 per share, or more than 28%, from a closing price of $78.62 per share on July 23, 2024, to a closing price of $56.42 per share on July 24, 2024.
The case is Cleveland Bakers and Teamsters Pension Fund v. Lamb Weston Holdings, Inc., 24-cv-282. A subsequent case, West Palm Beach Firefighters' Pension Fund v. Lamb Weston Holdings, Inc., 24-cv-350, expanded the class period.
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