Lamb Weston(US:LW) Prnewswireยท2024-08-07 15:15Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Lamb Weston Holdings, Inc. due to significant financial losses attributed to issues with the company's new ERP system implementation [2][3][4]. Group 1: Legal Investigation and Class Action - Faruqi & Faruqi is encouraging investors who suffered losses exceeding $100,000 in Lamb Weston stock or options between July 25, 2023, and April 3, 2024, to discuss their legal rights [1][2]. - There is an August 12, 2024, deadline for investors to seek the role of lead plaintiff in a federal securities class action against Lamb Weston [2][5]. - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [2]. Group 2: Financial Impact and Company Performance - Lamb Weston faced significant challenges during the transition to its new ERP system, leading to a loss of $135 million in sales during Q3 of fiscal 2024 [4]. - The company had to reduce its sales guidance for the full fiscal year by $330 million due to the ERP system issues [4]. - Following the disclosure of these challenges, Lamb Weston's stock price fell by $19.59 per share, or over 19%, closing at $81.53 on April 4, 2024 [4]. Group 3: Misrepresentation Allegations - The complaint alleges that Lamb Weston made material misrepresentations regarding the design and implementation of its new ERP system, claiming it had strengthened its operational infrastructure [3]. - The company downplayed the issues encountered during the ERP system's implementation as "usual bumps" and assured investors that its financial guidance accounted for any negative impacts [3]. Group 4: Whistleblower and Information Gathering - Faruqi & Faruqi encourages anyone with information regarding Lamb Weston's conduct, including whistleblowers and former employees, to contact the firm [6].