Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, March 26, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises United Natural Foods, Inc. (NYSE: UNFI) investors that a lawsuit filed on behalf of investors that purchased United Natural Foods securities (NYSE: UNFI) between March 10, 2021 and March 7, 2023, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
United Natural Foods, Inc. (UNFI) announced a $6 million decline in gross profits despite a 6% increase in net sales during its second quarter of 2023. The company attributed this decline to challenges in procurement gains and inventory gains due to supply chain volatility. This news caused a 28.1% drop in the company's stock price. The complaint alleges that the company failed to disclose to investors that its data management and related infrastructure were inadequate, which hindered its ability to respond to cost changes such as inflationary pressure and appreciate the benefits of procurement and inventory gains achieved during fiscal 2022, leading to a material adverse impact on profitability.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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