NEW YORK, June 20, 2024 /PRNewswire/ — On June 13, 2024, Hach Rose Schirripa & Cheverie, LLP filed a class action lawsuit in the U.S. District Court for the District of Idaho against Lamb Weston Holdings, Inc. (“Lamb Weston” or the “Company”) and certain of the Company’s senior executives (collectively, “Defendants”) alleging violations of the federal securities laws. The action is captioned Cleveland Bakers and Teamsters Pension Fund v. Lamb Weston Holdings, Inc., No. 24-cv-282 (D. Idaho) and is brought on behalf of investors who purchased or acquired the common stock of Lamb Weston (NYSE: LW) between July 25, 2023 and April 3, 2024, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made numerous material misrepresentations and omissions regarding the design and implementation of Lamb Weston’s new Enterprise Resource Planning (“ERP”) system. Specifically, throughout the Class Period, Defendants represented that, through the design of the Company’s new ERP system, Lamb Weston had “strengthen[ed] [its] operational infrastructure.” The Company also downplayed any issues it experienced with the implementation of the system as merely “usual bumps,” and told investors that its financial guidance for fiscal 2024 appropriately accounted for any negative financial impact associated with the system’s deployment.
The truth emerged on April 4, 2024, when Lamb Weston reported financial results for its fiscal third quarter 2024, and disclosed significant problems with its transition to the new ERP system. As a result of these disclosures, the price of Lamb Weston stock declined by $19.59 per share, or over 19%.
Investors have until August 12, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit. If you choose to take no action, you may remain a member of the proposed class.
If you purchased or otherwise acquired Lamb Weston common stock during the Class Period and would like to discuss your legal rights and options please contact attorney Kathryn A. Hettler at (646) 968-9734 or by email at [email protected].
Hach Rose Schirripa & Cheverie, LLP specializes in the fields of securities, corporate governance and consumer protection litigation. The firms’ attorneys have successfully litigated complex class actions in both state and federal courts through the United States and are committed to protecting investors’ assets and victims of corporate wrongdoing.
SOURCE Hach Rose Schirripa & Cheverie LLP
