NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Starbucks Corporation ("Starbucks" or the "Company") (NASDAQ: SBUX). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Starbucks and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until October 28, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Starbucks securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On April 30, 2024, Starbucks issued a press release announcing its financial results for the second quarter of its fiscal year ("FY") 2024 and held an accompanying earnings call. Among other items, Starbucks announced that store sales had declined globally by 4%, with traffic falling 7%, as well as a 2% decline in new revenues. Starbucks additionally lowered its guidance for FY 2024, citing global declines in store sales, net revenues, and both GAAP and non-GAAP earnings. The Company attributed its results and lowered guidance to issues in the Chinese market, citing "the effects of a slower-than-expected recovery," as well as "fierce competition among value players in the market." 

On this news, Starbucks' stock price fell $14.05 per share, or 15.88%, to close at $74.44 per share on May 1, 2024.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Danielle Peyton

Pomerantz LLP

dpeyton@pomlaw.com

646-581-9980 ext. 7980

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SOURCE Pomerantz LLP