Former Bed Bath & Beyond Sues Hudson Bay for $300 Million in Trading Profits [BNN Bloomberg (Canada)]
Beyond, Inc. (BYON)
Company Research
Source: BNN Bloomberg
The former retailer filed a lawsuit last week claiming that, behind the scenes, Hudson Bay orchestrated the terms for a February 2023 offering so it could acquire a huge, cut-rate stake in Bed Bath without having to disclose the ownership under a little-known rule for corporate insiders. The law also requires executives — and outside investors with stakes of more than 10% — to surrender short-term gains. As a result, Hudson Bay was able to acquire almost all of the convertible preferred shares and warrants that Bed Bath issued through the sale, according to the lawsuit. These securities, in turn, allowed the hedge fund to buy hundreds of millions of shares from Bed Bath at a deep discount that Hudson Bay then traded to generate quick gains, the suit claims. Bed Bath was desperate for cash at the time, as Wall Street bankers were threatening to push the home-goods company into bankruptcy to salvage some of their investments. While some investors saw the Hudson Bay backing as a
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- Zulily Parent Beyond's Bringing Back Apparel & Footwear to Overstock [Yahoo! Finance]Yahoo! Finance
- Former Bed Bath & Beyond Sues Hudson Bay for $300 Million in Trading Profits [Yahoo! Finance]Yahoo! Finance
- Beyond, Inc. to Participate in 19th Annual Needham Technology, Media, and Consumer Conference [Yahoo! Finance]Yahoo! Finance
BYON
Earnings
- 5/6/24 - Beat
BYON
Sec Filings
- 5/10/24 - Form 4
- 5/8/24 - Form 10-Q
- 5/6/24 - Form 8-K
- BYON's page on the SEC website