Starbucks executives may have misled investors by making unrealistic projections on sales and earnings leading to a class-action lawsuit.
When it comes to Wall Street, not meeting earnings expectations isn’t a good thing, but it rarely leads to lawsuits. In this case, Starbucks is being sued for presenting an overly rosy picture of the company’s financial position last November.A shareholder filed the class-action lawsuit in federal court Wednesday. The lawsuit covers the period from Nov.
The case focuses on comments made by company executives, including former CEO Laxman Narasimhan and CFO Rachel Ruggeri, during a November presentation. The “Triple Shot Reinvention with Two Pumps” strategy was marked by aggressive sales and earnings projections, driven by operational changes and anticipated growth in China, Starbucks’ second-largest market.
Analyst reports indicated that the public placed significant weight on Starbucks’ previous statements of confidence in their plan. The earnings call prompted widespread criticism from the business media, investment communities, and even Schultz, who had handpicked Narasimhan as CEO.from Chipotle Mexican Grill as its new chairman and CEO, offering him a substantial bonus and more control than any previous CEO not named Schultz. Niccol’s hiring has since led to a recovery in the company’s stock.
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