Monday, August 17, 2015

Faruqi & Faruqi Alert: Whole Foods Market, Inc.

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Whole Foods Market, Inc. (“Whole Foods” or the “Company”) (NasdaqGS:WFM) of the October 5, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the United States District Court for the Western District of Texas on behalf of a class consisting of all persons or entities who purchased Whole Foods securities between August 9, 2013 and July 30, 2015.
The complaint alleges that Whole Foods routinely exaggerated the weight of its pre-packaged products which allowed them to overcharge customers.
Specifically, on June 25, 2015, the New York City Department of Consumer Affairs ("NYCDA") announced that it had uncovered systematic overcharging for pre-packaged foods at eight New York City Whole Foods locations. The Company denied this claim and pointed to a lack of evidence by the NYCDA.
On July 29, 2015, the company filed its Form 8-K, announcing its financial and operating results for the quarter ended July 5, 2015. During an earnings call to discuss its financial results that same day, Glenda Flanagan, the company's Chief Financial Officer and Executive Vice President attributed the lower-than-expected quarterly results to weight audit by the NYCDA becoming national news.
After the call, Whole Foods share price fell from a closing price of $40.82 per share on July 29 to a closing price of $ 36.08 on July 30—a $4.74 or an 11.61195%drop.
Take Action
If you invested in Whole Foods stock or options between August 9, 2013 and July 30, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to Faruqi & Faruqi, LLP also encourages anyone with information regarding Whole Foods’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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