04 September 2022

Who Else is Involved?

Gustavo Arnal, the CFO of Bed Bath and Beyond has apparently committed suicide after being sued for stock manipulation and insider trading.

Allegedly, he jumped from the one of the top floor of the "Jenga Tower."

Given the cast of characters involved, one has to wonder if he was pushed:

The chief financial officer of financially struggling Bed Bath & Beyond died Friday after falling from a New York City high-rise, police said.

Emergency medical workers at the scene confirmed the death of Gustavo Arnal, 52, after he fell from the 57-story skyscraper known as the “Jenga” tower, in New York’s Tribeca neighborhood.

The New York City medical examiner’s office will determine the cause of the death, New York police said in a statement, and the investigation is ongoing.

………

Arnal’s death comes amid economic turmoil for the chain and a recent lawsuit.

………

In August, its stock plunged more than 40 percent after a 350 percent spike that month, The Washington Post reported, riding a wave of excitement from investors after billionaire Ryan Cohen took a large stake in the struggling retailer. The company’s stock went into a free fall for days when Cohen signaled that he would drop his shares.It closed Friday at $8.63, a 63 percent drop from its August peak of $23.08.

A Securities and Exchange Commission filing confirmed that Cohen sold his entire stake in Bed Bath & Beyond, profiting more than $58 million, according to MarketWatch, after selling 7.78 million shares at weighted average prices ranging from $18.68 to $29.22.

Arnal sold 55,013 Bed Bath & Beyond shares in transactions between Aug. 16 and 17, according to Reuters’ calculations based on SEC filings. Those sales amounted to about $1.4 million, though Arnal still had about 255,400 shares remaining in the company, according to the outlet.

On Aug. 24, shareholders who said they had lost $1.2 billion filed a complaint alleging that Bed Bath & Beyond, Arnal and Cohen participated in a scheme to inflate the price of its stock to sell shares at a higher price.

I gotta figure that there are more people involved in this racket.

I hope that the DoJ is on the rest of the conspirators asses like white on rice.

 

2 comments :

Quasit said...

Interesting. I went to BB&B this weekend to get a soap holder for my bathtub. Their selection was pitiful and overpriced. I went elsewhere. Looks like BB&B isn't interested in actually serving their customers.

Matthew Saroff said...

It's all finance guys running the operations into the ground for personal profit these days.

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