NEW YORK, Jan. 6, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Sleep Number Corporation f/k/a Select Comfort Corporation (“Sleep Number” or the “Company”) (NASDAQ: SNBR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Sleep Number and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 21, 2021, Sleep Number issued a press release announcing its financial results for its first fiscal quarter ended March 31, 2021. The release revealed that Sleep Number had missed consensus sales estimates for the quarter as a result of significant supply chain disruptions. Specifically, the release stated that Sleep Number had “more than $50 million of deliveries (two weeks) shifted out of the quarter due to temporary foam supply constraints,” representing nearly 9% of the Company’s entire sales for the quarter.
On this news, Sleep Number’s stock price fell $14.80 per share, or 11.85%, to close at $110.13 per share on April 22, 2021.
Then, on July 20, 2021, Sleep Number issued a press release announcing its financial results for its second fiscal quarter ended June 30, 2021. The release revealed that Sleep Number had missed consensus estimates on the top and bottom line for the quarter and again blamed the disappointing results in significant part on “near-term supply constraints” and component shortages.
On this news, Sleep Number’s stock price fell $14.46 per share, or 12.88%, to close at $97.78 per share on July 21, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT: Robert S. WilloughbyPomerantz LLP [email protected]
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SOURCE Pomerantz LLP
