September 7, 2022
Bed Bath & Beyond CFO Dies After Insider Trading Lawsuit Claims
His death occurred days after the company had announced it would be closing 150 stores and cutting 20% of its corporate staff.
The incident occurred less than two weeks after the executive, 52, was named in a federal class-action lawsuit on allegations of federal securities fraud, insider trading, and breach of fiduciary duty, according to court documents, per Business Insider.
The lawsuit claims Cohen — who is also the co-founder of Chewy and chairman of GameStop — approached the CFO about his “pump and dump” scheme in March 2022, and “convinced Gustavo that their plan would be a mutually beneficial one.”
Note – Gustavo Arnal was previously employed at the cabal corporations of AVON, Walgreens Boots Alliance and at Procter & Gamble.
The official report states that Gustavo Arnal fell from his balcony of New York’s Tribeca skyscraper known as the “Jenga” tower on Friday afternoon, and has been ruled a suicide, as per the New York City Medical Examiner’s Office reported on Monday.
Background of Bed Bath & Beyond
Warren Eisenberg and Leonard Feinstein were the original founders in 1971 with the name it “Bed ‘n Bath”. By 1985 they expanded and operated 17 stores in New York and California. Also in 1985, the first superstore was opened, as an attempt to remain competitive with Linens ‘n Things, Pacific Linen, and Luxury Linens. In order to properly represent the size increase in its retail stores, the company changed its name to Bed Bath & Beyond in 1987. The company adopted integrated computer-based inventory management systems in 1993 to better compete with Linens ‘n Things, which had utilized computer inventory management since the late 1980s.
By 1991, Bed Bath & Beyond had opened seven new superstores in New Jersey, California, Virginia, Illinois, Maryland, and Florida. By 2011, Bed Bath & Beyond had 1,142 stores. The company went public in June 1992, making its IPO on the NASDAQ stock exchange.
On April 13, 2019, there was a report that the chain would close 40 stores but open 15 new locations.
On May 13, 2019, Bed Bath & Beyond announced that CEO Steven Temares would step down “effectively immediately” and would resign his seat on the board of directors. Mary Winston, who had been appointed to the company’s board as a result of the activist investment firms’ efforts, replaced Temares as interim CEO.
As of 2019, Bed Bath & Beyond operated approximately 1,530 stores in all 50 U.S. states, as well as in the District of Columbia, Puerto Rico, and Canada.
In March of 2022, former CEO of Chewy, Ryan Cohen, sent an open letter, as part of a Schedule 13D filing, to the Board of Directors calling for Buy Buy Baby to be sold or spun off at a favorable valuation. Subsequently, Bed Bath & Beyond reached a deal to give Ryan Cohen three board seats in exchange for his cooperation and the creation of a committee to execute his proposed plan. In August 2022, the company announced the closure of 150 under performing stores and the reduction of its corporate and supply chain staff by about 20%.
On September 2, 2022, Bed Bath & Beyond chief financial officer Gustavo Arnal fell to his death from the 18th floor of his balcony at 56 Leonard Street (commonly known as the “Jenga building”). Arnal, who was one of the targets of a class action with regard to Bed Bath & Beyond’s stock becoming a pump and dump scheme, is alleged to have committed suicide by authorities.
I find it curious that his death was not reported by the media until yesterday, September 6, 2022.
With the information of the company background and the investigation of insider trading, it begs the question – was he about to expose someone at the tippy top of the food chain? Was he pushed off of his balcony?
Or was his corruption much deeper than insider trading? Was he involved in the quagmire of the cabal, and did the White Hats give him an option of a Rommel death?
It took the media four days to report his death, why? Was the cabal corporation getting their story straight for an official report?
In my opinion, his death goes deeper than what’s on the surface.
Ref: Bed Bath & Beyond background – Wikipedia
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