SMG Class Action Reminder: Robbins LLP Reminds The Scotts Miracle-Gro Company Stockholders about the Class Action Lawsuit Filed Against SMG

Core Viewpoint - The Scotts Miracle-Gro Company (SMG) is facing allegations of misleading investors regarding its business prospects, particularly related to inventory management and financial performance [1][2]. Financial Performance - For the fiscal year 2023 third quarter ended July 1, 2023, Scotts reported a 6% decline in quarterly sales and a 420 basis points drop in gross margins [2]. - The company amended its debt covenants, increasing the permitted debt-to-EBITDA ratio from 6.25 times to 7.00 times [2]. - Scotts slashed its fiscal year EBITDA guidance by 25% and took a $20 million write-down for excess inventories attributed to pandemic-related issues [2]. - Following the announcement, Scotts' stock price fell by $13.58 per share, or 19%, from $71.44 on August 1, 2023, to $57.86 on August 2, 2023 [2]. Legal Actions - A class action lawsuit has been filed on behalf of shareholders who purchased Scotts common stock between November 3, 2021, and August 1, 2023 [6]. - Shareholders interested in serving as lead plaintiffs must file motions by August 2, 2024 [3].