United Natural Foods, Inc. (NYSE: UNFI)

This lawsuit is for anyone who acquired securities in United Natural Foods, Inc. (NYSE: UNFI) from March 10, 2021 through March 7, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company’s system for pricing and managing inventory, which the Company calls the “Value Path Initiative,” would allow the Company to control costs and properly price inventory, when the initiative was actually failing.

On March 8, 2023, United Natural Foods released its second quarter fiscal year 2023 results, missing consensus estimates, reducing its profitability expectations for fiscal 2023, and withdrawing its fiscal 2024 forecasts. The Company explained that “profits were challenged as we did not repeat the significant level of procurement gains from rapidly accelerating inflation and inventory gains, due to supply chain volatility, that we experienced in the second quarter of last year.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in United Natural Foods, Inc. (NYSE: UNFI) from March 10, 2021 through March 7, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.