THE SCOTTS MIRACLE-GRO COMPANY (NYSE: SMG) INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against The Scotts Miracle-Gro Company

Core Insights - Scotts Miracle-Gro Company reported a 6% decline in quarterly sales for its fiscal third quarter and a 420 basis point drop in gross margins [5] - The company reduced its fiscal year EBITDA guidance by 25% and announced a $20 million write-down of excess inventories attributed to the pandemic [5] - Scotts modified its debt covenants, increasing the debt-to-EBITDA ratio from 6.25 to 7.00 times [5] Legal Context - A securities class action lawsuit has been filed against Scotts and certain officers for alleged violations of the Securities Exchange Act of 1934, covering the period from November 3, 2021, to August 1, 2023 [8] - The lawsuit claims that the company made materially false and misleading statements regarding inventory levels, debt compliance, and financial performance [6] - Following the announcement of the financial results, Scotts' stock price fell by $13.58, or over 19%, closing at $57.86 per share on August 2, 2023 [9]