Starbucks Corporation Class Action Lawsuit - SBUX
Case Summary
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The Starbucks class action lawsuit seeks to represent purchasers or acquirers of Starbucks Corporation (NASDAQ: SBUX) securities between November 2, 2023 and April 30, 2024, inclusive (the “Class Period”). Captioned Garbaccio v. Starbucks Corporation, No. 24-cv-01362 (W.D. Wash.), the Starbucks class action lawsuit charges Starbucks and certain of Starbucks’ 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 Starbucks class action lawsuit, please provide your information in the form on this page. You can also contact attorney 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 Starbucks class action lawsuit must be filed with the court no later than October 28, 2024.
CASE ALLEGATIONS: Starbucks, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide.
The Starbucks class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that they possessed reliable information pertaining to Starbucks’ projected outlook and anticipated growth while also minimizing risk from seasonality and growth in foreign markets, particularly China; (ii) Starbucks’ Reinvention platform, which Starbucks claimed would prioritize business growth globally, failed to meet Starbucks’ stated measures; and (iii) Starbucks’ plan was ill equipped to handle the existing macro uncertainty and competition, particularly in the Chinese market.
The Starbucks class action lawsuit further alleges that on April 30, 2024, Starbucks announced 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. Starbucks also lowered its guidance for fiscal year 2024, citing global declines in store sales, net revenues, and both GAAP and non-GAAP earnings, according to the complaint. The Starbucks class action lawsuit alleges that on this news, the price of Starbucks stock fell more than 15%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Starbucks securities during the Class Period to seek appointment as lead plaintiff in the Starbucks 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 Starbucks class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Starbucks class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Starbucks 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.