NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Washington on behalf of those who acquired Starbucks Corporation (“Starbucks” or the “Company”) (NASDAQ: SBUX) securities during the period of November 2, 2023 through April 30, 2024, inclusive (“the Class Period”). Investors have until October 28, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On April 30, 2024, investors began to question the veracity of Starbucks' public statements following its press release announcing its second quarter fiscal 2024 earnings and the accompanying same-day earnings call. In that announcement, the Company reported disappointing second quarter 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. On the back of these results, Starbucks additionally lowered their guidance for the full year 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 Starbucks 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, the price of Starbucks shares declined by $14.05, from $88.49 per share on April 30, 2024, to close at $74.44 per share on May 1, 2024.
If you purchased or otherwise acquired Starbucks securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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