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Starbucks sued over alleged false claims about sales decline, triggering stock drop.
Starbucks faces a shareholder lawsuit alleging it misled investors about declining U.S. and China sales, triggering a 16% stock drop in April 2024 after weak results were revealed.
A Seattle judge allowed claims that the company falsely portrayed its health during a January 2024 analyst call and in a regulatory filing.
Sales fell 4.4% overall, with steeper drops in China, due to economic pressure, competition, and operational issues.
The company, now under new CEO Brian Niccol, launched a turnaround plan that recently boosted same-store sales by 1%.
It will continue defending the lawsuit, which also targets former CEO Laxman Narasimhan.
Starbucks demandó por supuestas afirmaciones falsas sobre la disminución de las ventas, provocando una caída de las existencias.