INVESTOR ALERT: Edelson Lechtzin LLP is Investigating Securities Fraud Claims on Behalf of United Natural Foods, Inc. (NYSE: UNFI) Shareholders
NEWTOWN, PA, March 23, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of United Natural Foods, Inc. (“United Natural Foods” or the “Company”) (NYSE: UNFI) common stock between March 10, 2021, and March 7, 2023, both dates inclusive (the “Class Period”).
Investors who purchased United Natural Foods common stock may move the U.S. District Court for the Southern District of New York to appoint them as lead plaintiff, no later than May 19, 2023. Current holders of United Natural Foods stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the Complaint can be viewed HERE.
Background on United Natural Foods
United Natural Foods is a natural and organic food company founded in 1976. They are the largest publicly traded wholesale distributor of health and specialty foods in the U.S as well as Canada.
The Securities Fraud Claims
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) despite its cost saving Value Path initiative, United Natural Foods had not invested in improving its data management and related infrastructure; (ii) as a result, the Company could not respond adequately to cost charges, such as inflationary pressures; (iii) further, United Natural Foods could not appreciate the benefits of procurement gains and inventory gains that occurred during fiscal 2022. As a result of the foregoing, the Company’s profitability would be materially adversely impacted, and Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 8, 2023, before the market opened, United Natural Foods announced its second quarter 2023 financial results, revealing a $6 million decline in gross profit, despite a 6% increase in net sales. On this news, the price of the Company’s stock fell $11.49 per share, or 28.1%, to close at $29.47 per share.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.