Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lamb Weston Holdings, Inc. (LW)

Core Viewpoint - Lamb Weston Holdings, Inc. is facing a class action lawsuit due to significant operational challenges related to its new Enterprise Resource Planning (ERP) software, which resulted in substantial financial losses and misleading statements made by the company's management [2][4][6]. Group 1: Class Action Details - Investors who purchased Lamb Weston common stock between July 25, 2023, and April 3, 2024, are eligible to file a lead plaintiff motion by August 12, 2024 [2]. - The lawsuit is being led by Glancy Prongay & Murray LLP, which is encouraging affected investors to inquire about their rights and potential claims [3][8]. Group 2: Financial Impact - On April 4, 2024, Lamb Weston reported a loss of $135 million in sales for the third quarter of fiscal 2024 due to issues with the ERP system [4]. - The company also revised its sales guidance downward by $330 million for the remainder of the fiscal year [4]. Group 3: Stock Price Reaction - Following the announcement of the ERP-related challenges, Lamb Weston's stock price dropped by $19.59, or 19.4%, closing at $81.53 per share on April 4, 2024 [5]. Group 4: Allegations Against Management - The class action complaint alleges that the company's management made materially false and misleading statements regarding the ERP system's readiness and its impact on business operations [6]. - It is claimed that management was aware of the ERP system's issues but proceeded with its implementation, leading to negative consequences for the company [6].