Lawsuit Overview
September 22, 2017 - The lead plaintiff filed a notice of appeal.
August 25, 2017 - The court granted defendants' motion to dismiss and dismissed the case with prejudice.
November 4, 2016 - Defendants filed a motion to dismiss.
September 19, 2016 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Whole Foods Market Inc (NASDAQ: WFM) common shares between July 31, 2013 and July 29, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 31, 2013 and July 29, 2015.
February 19, 2016 - Defendants filed a motion to dismiss.
January 8, 2016 - The lead plaintiff filed an amended consolidated complaint.
October 28, 2015 - Lead plaintiff and lead counsel were appointed.
October 5, 2015 - Lead plaintiff motions were filed.
August 6, 2015 - An investor in shares of Whole Foods Market Inc (NASDAQ: WFM) filed a lawsuit in the U.S. District Court for the Western District of Texas over alleged violations of Federal Securities Laws by Whole Foods Market Inc in connection with certain allegedly false and misleading statements made between August 9, 2013 and July 30, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Whole Foods Market, Inc. (NASDAQ: WFM) common shares between August 9, 2013 and July 30, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company routinely overstated the weight of its pre-packaged products and overcharged customers; and (ii) as a result of the foregoing, defendants’ statements about Whole Foods Market Inc’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Shares of Whole Foods Market Inc (NASDAQ: WFM) grew from $36.70 per share in October 2014 to as high as $56.71 per share in February 2015. Since February 2015 NASDAQ: WFM shares lost significant value.
On June 25, 2015, the New York City Department of Consumer Affairs (“NYCDA”) announced it had uncovered “systematic overcharging for pre-packaged foods” at Whole Foods Market Inc’s eight New York City locations. On a survey of 80 different types of prepackaged products, NYCDA reported that it had found thousands of potential overcharging violations. In response, Whole Foods Market Inc stated that there was no evidence of overcharging and responded that it would vigorously defend itself against what it described as “overreaching allegations” by NYCDA.
Whole Foods Market Inc reported that its Total Revenue rose from over $10.1 billion for the 52 weeks period that ended on September 25, 2011 to over $14.19 billion for the 52 weeks period that ended on September 28, 2014 and that its respective Net Income increased from $342.61 million to $579 million.
On July 29, 2015, Whole Foods Market Inc reported its third quarter results.
Shares of Whole Foods Market Inc (NASDAQ: WFM) declined to as low as $35.21 per share on July 31, 2015.