BBBY - Bed Bath & Beyond is sued by its former CEO over severance pay

2023-04-03 08:45:27 ET

The volatile trading continued on Bed Bath & Beyond ( NASDAQ: BBBY ) on Monday with shares swinging 7.58% to partially recover from Friday's 28.00% drop.

The retailer faces a new legal challenge after being sued on Friday by former CEO Mark Tritton in New York state court. Tritton accused Bed Bath & Beyond ( BBBY ) of failing to honor his $6,765,000 severance agreement by not making required bi-monthly payments.

Last week, BBBY filed to offer $300M shares and guided for Q4 sales to come in below expectations.

Short interest on BBBY is down to 19.64% of total float following the 82% slide in share price in 2023. The retailer traded at a new all-time low of $0.42 on Friday.

The Seeking Alpha Quant Rating on Bed Bath & Beyond ( BBBY ) has been flashing Strong Sell or Sell since last November.

For further details see: