NEW
YORK, June 20, 2024 /PRNewswire/ -- On
June 13, 2024, Hach Rose Schirripa & Cheverie, LLP filed a
class action lawsuit in the U.S. District Court for the District of
Idaho against Lamb Weston
Holdings, Inc. ("Lamb Weston" or the "Company") and certain of the
Company's senior executives (collectively, "Defendants") alleging
violations of the federal securities laws. The action is
captioned Cleveland Bakers and Teamsters Pension Fund v.
Lamb Weston Holdings, Inc., No. 24-cv-282 (D. Idaho) and is brought on behalf of investors
who purchased or acquired the common stock of Lamb Weston (NYSE:
LW) between July 25, 2023 and
April 3, 2024, inclusive
(the "Class Period").
The complaint alleges that,
throughout the Class Period, Defendants made numerous material
misrepresentations and omissions regarding the design and
implementation of Lamb Weston's new Enterprise Resource Planning
("ERP") system. Specifically, throughout the Class Period,
Defendants represented that, through the design of the Company's
new ERP system, Lamb Weston had "strengthen[ed] [its] operational
infrastructure." The Company also downplayed any issues it
experienced with the implementation of the system as merely "usual
bumps," and told investors that its financial guidance for fiscal
2024 appropriately accounted for any negative financial impact
associated with the system's deployment.
The truth emerged on April 4,
2024, when Lamb Weston reported financial results for its
fiscal third quarter 2024, and disclosed significant problems with
its transition to the new ERP system. As a result of these
disclosures, the price of Lamb Weston stock declined by
$19.59 per share, or over 19%.
Investors have until August 12,
2024 to apply to the Court to be appointed as lead
plaintiff in the lawsuit. If you choose to take no action, you
may remain a member of the proposed class.
If you purchased or otherwise acquired Lamb Weston
common stock during the Class Period and would like to
discuss your legal rights and options please contact
attorney Kathryn A. Hettler at (646)
968-9734 or by email at kh@hrsclaw.com.
Hach Rose Schirripa &
Cheverie, LLP specializes in the fields of securities, corporate
governance and consumer protection litigation. The firms' attorneys
have successfully litigated complex class actions in both state and
federal courts through the United
States and are committed to protecting investors' assets and
victims of corporate wrongdoing.
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SOURCE Hach Rose Schirripa &
Cheverie LLP