Bed Bath and Beyond CFO dies from an 18 story fall only two days after the company announced stock fell more than 21% Wednesday and is down 65% in the last 12 months.
According to one report that Gustavo Arnal, the 52-year-old, Bed Bath and Beyond CFO plunged to his death on Friday after a lawsuit accusation. Additionally, the lawsuit included activist investor Ryan Cohen. Both men were accused of participating in a “pump and dump” scheme to artificially inflate the company’s value.
The class-action lawsuit was filed on Aug. 23rd in the U.S. District Court for the District of Columbia lists the lead plaintiff as Pengcheng Si. But Arnal died 11 days later.
During a statement the company said the “entire Bath & Beyond Inc. organization is profoundly saddened by this shocking loss.”
“I wish to extend our sincerest condolences to Gustavo’s family. Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company,” said Harriet Edelman, Independent Chair of the Bed Bath & Beyond Inc. Board of Directors. “I am proud to have been his colleague. He will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him. Our focus is on supporting his family and his team. They continued, our thoughts are with them during this sad and difficult time. Please join us in respecting the family’s privacy.”
Activist investor Ryan Cohen is listed in the lawsuit as well. The Gamestop chairman filed to sell his entire stake in Bed Bath & Beyond (BBBY).
A Form 144 filing with the SEC dated August 17. According to details, Cohen’s RC Ventures, which holds an 11.8% stake in the struggling retailer, is planning to sell the entirety of its stake in the company within the next 90 days.
A Form 144 filing is used when affiliates of a company plan to sell more than 5,000 shares, or $50,000 worth of stock, none registered.
The Bed Bath and Beyond CFO joined the company in 2020. Prior to that he spent 20 years at Proctor and Gamble. As well as two years at Avon and one year at Walgreens within the same career field.