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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

SNBR Investor Alert: Bronstein, Gewirtz & Grossman, LLC Notifies Sleep Number Corporation (f/k/a Select Comfort Corporation) Investors of Class Action and Encourages Shareholders to Contact the Firm

December 21, 2021 GMT

NEW YORK, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Sleep Number Corporation (f/k/a Select Comfort Corporation) (“Sleep Number” or the “Company”) (NASDAQ: SNBR) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Sleep Number securities between February 18, 2021 and July 20, 2021, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/snbr.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

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The complaint alleges that throughout the Class Period, Defendants made false and misleading statements and failed to disclose:  (1) that Sleep Number had suffered a severe disruption in its supply chain for foam as a result of Winter Storm Uri; (2) that Sleep Number continued to suffer from debilitating supply chain disruptions across multiple suppliers (3) that Sleep Number did not have in place the supply chain flexibility, redundancies and fail-safes, as had been represented to investors, sufficient to offset the foam supply disruption caused by Winter Storm Uri; (4) that, because foam was a necessary component for Sleep Number’s production of its primary mattress products, Sleep Number’s ability to timely fulfill customer orders had been materially impaired; (5) that, as a result of (1)-(5) above, Sleep Number was unable to meet surging customer demand for the Company’s products; and (6) that, as a result of (a)-(e) above, Sleep Number had been forced to delay mattress shipments to end consumers, pushing millions of dollars’ worth of sales into subsequent quarters and negatively impacting the Company’s financial results.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/snbr or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Sleep Number you have until February 14, 2022, to request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

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Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | info@bgandg.com