NEW YORK, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Starbucks Corp (NASDAQ: SBUX) breached their fiduciary duties to shareholders.
According to a federal securities lawsuit, Starbucks insiders caused the company to misrepresent or fail to disclose material information concerning Starbucks' fiscal year revenue for 2023 and expected guidance for the fiscal year 2024. On April 30, 2024, the company announced disappointing Q2 Fiscal 2024 results, stating that store sales declined globally 4%, with traffic falling 7%, and further disclosed a 2% decline in new revenues to $8.6 billion. Starbucks also lowered their guidance for FY 2024, citing global declines in store sales, net revenues, and both GAAP and non-GAAP earnings. The Company attributed its results and lowered guidance on the issues it was facing in China, with CFO Ruggeri stating, in reference to the Chinese market, “we still see the effects of a slower-than-expected recovery, and we see fierce competition among value players in the market.” On this news, Starbucks’ stock price fell to $74.44 per share on May 1, 2024, a decline of over 15% in the span of just a single day.
If you are a long-term SBUX stockholder please contact Justin Kuehn, Esq. here, by email at justin@kuehn.law or call (833) 672-0814. The consultation and case are free with no obligation to you. Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights.
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Contacts:
Kuehn Law, PLLC
Justin Kuehn, Esq.
53 Hill Street, Suite 605
Southampton, NY 11968
justin@kuehn.law
(833) 672-0814
