The Schall Law Firm has issued a reminder regarding a class action lawsuit against Starbucks, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The firm asserts that Starbucks misled investors, potentially breaching Rule 10b-5 under U.S. Securities and Exchange Commission (SEC) regulations.
According to the Schall Law Firm, investors who purchased Starbucks securities between November 2, 2023, and April 30, 2024, are encouraged to contact them before October 28, 2024. This is to discuss potential claims related to their investments. Shareholders who experienced losses can participate in the case by reaching out to Brian Schall at the firm via phone or through the firm's website. It is important to note that the class has not yet been certified; until certification occurs, investors are not represented by an attorney.
The complaint alleges that Starbucks made false and misleading statements during the specified period. These actions reportedly culminated in disappointing second-quarter results announced on April 30, 2024. The company lowered its guidance for 2024, attributing the downturn to global sales declines, particularly in China, and cited intense market competition. As a result, according to Schall Law Firm's press release, the company's public statements were materially misleading, leading to damages for investors once the true situation was revealed.
The Schall Law Firm specializes in representing investors harmed by stock fraud, breaches of fiduciary duty, and corporate misconduct. Working on a contingency fee basis, they are dedicated to recovering funds for shareholders from companies involved in fraudulent practices. The firm leverages its experience with Wall Street firms to navigate complex securities fraud cases and actively prosecutes class action lawsuits. According to Schall Law Firm's statement, they ensure clients receive personalized attention and support throughout the case while working to recover losses for both individuals and institutions.