NEW YORK, April 28, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Lamb Weston Holdings, Inc. (“Lamb Weston” or the “Company”) (NYSE: LW). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Lamb Weston and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 4, 2024, Lamb Weston announced disappointing Q3 2024 financial results that widely missed consensus earnings and revenue estimates. Blaming the Company’s transition to a new enterprise resource planning (“ERP”) system for the miss and coincident with reducing FY 2024 guidance, ERP stated that “[t]he ERP transition temporarily reduced the visibility of finished goods inventories located at distribution centers, which affected our ability to fill customer orders[]” and “[i]n turn, this pressured sales volume and margin performance.” Lamb Weston said that problems with the Company’s ERP transition negatively impacted its Q3 net income and adjusted EBITDA by approximately $72 million and $95 million, respectively.
On this news, Lamb Weston’s stock price fell $19.59 per share, or 19.37%, to close at $81.53 per share on April 4, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
