On August 16, Cohen filed a document to the Securities and Exchange Commission saying he owned 9,450,100 share, including 1,670,100 shares under certain call options. and reports of shares holding and selling' to help increase share prices.īy the time Arnal sold over 42,000 shares in the company two weeks ago it was valued at $1 million, according to. He then allegedly issued 'materially misleading statements made to investors regarding BBBY's strategic company plans, financial condition. The city's EMS officials responded to the incident and were seen carrying the man's body off in a black bodybagĪs part of the plan, the lawsuit claims, Arnal 'agreed to regulate all insider sales by BBBY's officers and directors to ensure that the market would not be inundated with a large number of BBBY shares at a given time.'
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'Through mid August 2022, BBBY appeared - from the company's public statements and financial reporting to be a successful turning-around company,' it alleges.īut in reality, Arnal 'blatantly misrepresented the value and profitability of causing BBBY to report revenues that was fictitious announce publicly that the company is successfully on the way spinning off BBBY to 'unlock full value' of this 'tremendous asset,'' it says.īed Bath & Beyond, though, was not actually doing well financially, the lawsuit claims. He did so by making 'materially misleading statements and omissions' about the company's financial standing in an effort to artificially inflate the share price,' the suit says. In exchange, the suit alleges, Arnal would ensure that insiders would not flood the market with the stock. They are now seeking damages for the alleged 'pump and dump' scheme, claiming Cohen offered to purchase a large stake in the company, including call options on more than 1.6 million shares with prices between $60 to $80. The class action lawsuit was brought by Virginia resident Pengcheng Si on behalf of all those who purchased Bed Bath & Beyond stocks between March 25 and August 18. The suit was filed just one week before Arnal took his own life by jumping from the 18th floor of the famous 'Jenga' tower in lower Manhattan's Tribeca neighborhood on Friday - a death that left Cohen to face the music alone.
The lawsuit, filed in the United States District Court for the District of Columbia on August 23, claims Cohen had approached Arnal about a plan to control shares of Bed Bath & Beyond so they could both profit. Published: 07:26 BST, 5 September 2022 | Updated: 14:07 BST, 5 September 2022Īrnal plunged to his death from the 18th floor of the swanky so-called Jenga building in Manhattan's Tribeca neighborhood (pictured) By the time he sold over 42,000 shares in the company two weeks ago it was valued at more than $1 million.It alleges he put out 'materially misleading statements' showing the company's finances were improving to artificially raise the share prices.As part of the plan, the new lawsuit says, Arnal 'agreed to regulate all insider sales'.His death leaves that billionaire investor - identified as Ryan Cohen - left to face the music in the lawsuit.Arnal then took his own life by jumping from the 18th floor of the famous 'Jenga' tower in Manhattan's Tribeca neighborhood on Friday.The lawsuit, filed August 23, claims a majority shareholder approached Arnal about a plan to control shares of the company so they could both profit.
Bed Bath & Beyond CFO Gustavo Arnal, 52, is being sued for allegedly inflating the company's stock price in a 'pump and dump' scheme.The mastermind who still HAS to face the music: How Bed Bath & Beyond CFO jumping off NYC 'Jenga' building to his death leaves billionaire investor to answer for 'pump and dump' scheme
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