The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of United Natural Foods, Inc. (NYSE: UNFI) who purchased securities between March 10, 2021 and March 7, 2023. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the United Natural Foods lawsuit alleges that (1) despite its cost-saving Value Path initiative, United Natural Foods had not invested in improving its data management and related infrastructure; (2) as a result, the Company could not respond adequately to cost changes, such as inflationary pressure; (3) as a result, the Company could not appreciate the benefits of procurement gains and inventory gains achieved during fiscal 2022; (4) as a result of the foregoing, the Company’s profitability would be materially adversely impacted; and (5) as a result of the foregoing, defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until May 19, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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