09.06.22
Gustavo Arnal, chief financial officer of Bed Bath & Beyond, died Friday after jumping from the 57-story skyscraper known as the “Jenga” tower, in New York’s Tribeca neighborhood.
New York police said in a statement Sunday that the investigation is ongoing. Monday evening, New York City medical examiner’s office spokesperson Julie Bolcer said the manner of Arnal’s death had been ruled a suicide.
Gustavo Arnal, 52, joined Bed Bath & Beyond in 2020. According to his LinkedIn profile, he previously worked as CFO for Avon in London (now part of Natura &Co) and had a 20-year stint with Procter & Gamble.
Arnal’s death comes amid economic turmoil for the chain and a recent lawsuit.
Last week, Bed Bath & Beyond forecast a 26% drop in same-store sales in Q2. In response, it announced the planned closure of 150 stores, as well as job cuts and an overhaul of its merchandising strategy.
Furthermore, Bed Bath & Beyond saw shares plunge in August after one of its largest shareholders, RC Ventures’ Ryan Cohen, announced that he was selling all of his stock in the company.
Less than two weeks before his death, Arnal 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.
Arnal is cited in the suit along with activist investor Ryan Cohen, who the lawsuit claims collaborated with the CFO in a "fraudulent scheme to artificially inflate the price of Bed Bath & Beyond's publicly traded stock."
The suit, filed in United States District Court for the District of Columbia on August 23, claims that Cohen and Arnal provided "materially false statements regarding the financial condition and holding situation" of Bed Bath & Beyond for their financial benefit.
The lawsuit further notes Cohen's involvement in similar pump-and-dump plans, such as elevating GameStop to "meme stock" status.
Commenting on the lawsuit, Bed Bath & Beyond said it was “in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit.”
New York police said in a statement Sunday that the investigation is ongoing. Monday evening, New York City medical examiner’s office spokesperson Julie Bolcer said the manner of Arnal’s death had been ruled a suicide.
Gustavo Arnal, 52, joined Bed Bath & Beyond in 2020. According to his LinkedIn profile, he previously worked as CFO for Avon in London (now part of Natura &Co) and had a 20-year stint with Procter & Gamble.
Arnal’s death comes amid economic turmoil for the chain and a recent lawsuit.
Last week, Bed Bath & Beyond forecast a 26% drop in same-store sales in Q2. In response, it announced the planned closure of 150 stores, as well as job cuts and an overhaul of its merchandising strategy.
Furthermore, Bed Bath & Beyond saw shares plunge in August after one of its largest shareholders, RC Ventures’ Ryan Cohen, announced that he was selling all of his stock in the company.
Less than two weeks before his death, Arnal 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.
Arnal is cited in the suit along with activist investor Ryan Cohen, who the lawsuit claims collaborated with the CFO in a "fraudulent scheme to artificially inflate the price of Bed Bath & Beyond's publicly traded stock."
The suit, filed in United States District Court for the District of Columbia on August 23, claims that Cohen and Arnal provided "materially false statements regarding the financial condition and holding situation" of Bed Bath & Beyond for their financial benefit.
The lawsuit further notes Cohen's involvement in similar pump-and-dump plans, such as elevating GameStop to "meme stock" status.
Commenting on the lawsuit, Bed Bath & Beyond said it was “in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit.”