News from Sleep Number Corp. : Berger Montague investigates securities fraud allegations against Sleep Number Corp. (SNBR); The deadline for the lead applicant is February 14, 2022 | 2022-01-24 | Press Releases
Philadelphia, Pa.–(Newsfile Corp. – Jan. 24, 2022) – Berger Montague is investigating allegations of securities fraud on behalf of investors who purchased Sleep Number Corp. securities. (“Sleep Number” or the “Company”) (NASDAQ: SNBR) between February 18, 2021 and July 20, 2021 (the “Class Period”).
If you purchased Sleep Number securities during the Class Period, wish to discuss the Berger Montague investigation, or have any questions regarding your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875 -3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080, or visit: https://bergermontague.com/cases/berger-montague-investigates-securities-fraud-against-sleep-number-corp/.
Whistleblowers: Anyone with nonpublic information regarding Sleep Number is encouraged to confidentially participate in Berger Montague’s investigation or take advantage of the SEC’s whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed complaint, Sleep Number and its senior management falsely stated and/or failed to disclose that the company suffered a severe disruption to its foam supply chain as a result of winter storm Uri and, unlike its statements, the Company had not implemented the supply chain flexibility and layoffs necessary to compensate for these disruptions. As a result, Sleep Number’s ability to respond to customer orders in a timely manner had been significantly impaired.
On April 21, 2021, Sleep Number announced that it had missed sales estimates for the first quarter of 2021 due to significant supply chain disruptions. On this news, Sleep Number’s stock price fell almost 12%, closing at $110.13 per share.
Then, on July 20, 2021, the company announced disappointing results for the second quarter of 2021, again attributing its performance to “short-term supply constraints.” The shares fell $14.46 per share, or 13%, from a closing price of $112.24 per share on July 20 to a close of $97.78 per share on July 21.
Shepherd Montaguewith offices in Philadelphia, Minneapolis, Washington, D.C. and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and acts as lead counsel before the courts. across the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell’Angelo, executive shareholder
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