Notice to Whole Foods Employees: Zamansky LLC Investigates The “Growing Your Future” 401(k) Plan for Possible ERISA Viola...
August 14 2015 - 5:00PM
Business Wire
Zamansky LLC announces its investigation of Whole Foods Market
Inc. (“Whole Foods”) (NASDAQ: WFM) and the Whole Foods Market Group
Growing Your Future 401(k) Plan for possible violations of the
federal Employment Retirement Securities Act (“ERISA”). ERISA
imposes fiduciary duties to prudently manage and invest the assets
of the Plan. These duties were potentially violated by Whole Foods’
continued offering of its company stock while it allegedly knew
that the stock price was artificially inflated.
On June 25, 2015 the New York City Department of Consumer
Affairs (“NYCDCA”) announced that it had uncovered “systematic
overcharging” for pre-packaged food at eight Whole Foods’
locations. The NYCDCA accused Whole Foods of thousands of potential
overcharging violations. In an earning call in late July, Whole
Foods acknowledged that the NYCDCA charges had impacted earnings as
well as the company’s national reputation. In response, Whole
Foods’ stock price has suffered a decline of more than 11%.
On August 6, 2015, a class action lawsuit was filed against
Whole Foods in the U.S. District Court, Western District of Texas,
No. 15-CV-681, alleging securities fraud. The complaint alleges
that Whole Foods made material misrepresentations to investors
which artificially inflated its stock price.
According to employee stock fraud attorney, Jake Zamansky, Whole
Foods’ existing and former employees who purchased and held company
stock through its 401(k) Plan since at least August 9, 2013, have
suffered damage and losses to their retirement savings. The
allegations about securities fraud by Whole Foods in its public
disclosures raise serious issues for the Whole Foods employees who
held company stock under the Plan over the prudent monitoring and
oversight by the Plan’s fiduciaries under ERISA for artificial
inflation of the stock price, he states.
What Whole Foods’ Employees or Former Employees Can Do
If you are an existing or former Whole Foods’ employee who
purchased or held company stock through the Growing Your Future
401(k) Plan, please contact our firm for an evaluation of your
rights. You can contact Jake Zamansky by telephone at (212)
742-1414 or by email at jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in
securities fraud, ERISA and employment class actions. We are
investment fraud attorneys who represent both individual and
institutional investors. Our practice is nationally recognized for
our ability to aggressively prosecute cases and recover investment
losses.
To learn more about Zamansky LLC, please visit our website,
http://www.zamansky.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150814005589/en/
Zamansky LLCJake Zamansky,
212-742-1414jake(at)zamansky(dot)com
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