SAN DIEGO, July 26, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers of shares of Lamb Weston Holdings, Inc. (NYSE: LW) common stock between July 25, 2023 and April 3, 2024, inclusive (the “Class Period”), have until August 12, 2024 to seek appointment as lead plaintiff of the Lamb Weston class action lawsuit. Captioned Cleveland Bakers and Teamsters Pension Fund v. Lamb Weston Holdings, Inc., No. 24-cv-00282 (D. Idaho), the Lamb Weston class action lawsuit charges Lamb Weston as well as certain of Lamb Weston’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Lamb Weston class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-lamb-weston-holdings-inc-class-action-lawsuit-lw.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Lamb Weston class action lawsuit must be filed with the court no later than August 12, 2024.
CASE ALLEGATIONS: Lamb Weston is a food processing company and a large producer of frozen potato products. According to the Lamb Weston class action lawsuit, in November 2023, Lamb Weston transitioned some of its previous financial and operating systems to a new Enterprise Resource Planning (“ERP”) system.
The Lamb Weston class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants knew of, or recklessly disregarded, problems associated with the ERP system that would hinder its successful implementation; (ii) despite those issues, Lamb Weston pushed ahead with its implementation of an ERP system that was not ready to go live, knowing that a premature roll-out would have a material negative impact on Lamb Weston’s business and operations; and (iii) to the extent Lamb Weston purported to warn of risks regarding the negative impacts from an unsuccessful implementation of the ERP system, defendants omitted that such risks had already begun to materialize.
The Lamb Weston class action lawsuit further alleges that on April 4, 2024, Lamb Weston disclosed significant problems with its transition to the new ERP system, including that the system did not function properly, causing Lamb Weston to lose over $130 million in sales during its third quarter of fiscal 2024 and to reduce its sales guidance for the full fiscal year by $330 million, at the midpoint. On this news, the price of Lamb Weston stock fell more than 19%, according to the Lamb Weston class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased shares of Lamb Weston common stock during the Class Period to seek appointment as lead plaintiff in the Lamb Weston class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Lamb Weston class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Lamb Weston class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Lamb Weston class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
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