A new lawsuit accuses Whole Foods of committing securities fraud by concealing its overcharging of New York City customers – an action that plaintiffs allege caused share prices to plummet. According to the lawsuit, Whole Foods public statements about its operations and prospects were false and misleading – an act that encouraged investors to buy shares under false premises. This marks the first time shareholders have filed suit against the popular grocery store.
If you believe you have been the victim of securities fraud, please call Colling Gilbert Wright & Carter at (855) 456-0066 to schedule a free case evaluation today.
Following revelations of the company’s overcharging of New York City customers, Whole Food shares fell 11.6 percent. This caused a $1.7 billion drop in the company’s market value – a drop that follows a 2.6 percent sales growth during the first 10 weeks of the fiscal third quarter. According to the lawsuit, Whole Foods lured investors through misleading public statements, causing losses for shareholders that could have been avoided had the company acted with transparency.
Securities fraud is a serious action that can cost shareholders hundreds of thousands of dollars. If you have been the victim of this or any other type of stock fraud, please contact Colling Gilbert Wright & Carter to schedule a free consultation and learn more about your rights.