Gustavo Arnal, the CFO of Bed, Bath and Beyond, fell from a New York high-rise Friday afternoon, according to police.
confirmed that he sold his entire stake in Bed Bath & Beyond, profiting more than $58 million, according to MarketWatch, after selling 7.78 million shares at weighted average prices ranging from $18.68 to $29.22.Arnal sold 55,013 Bed Bath & Beyond shares in transactions between Aug. 16 and 17, according to
calculations based on SEC filings. Those sales amounted to about $1.4 million, though Arnal still had about 255,400 shares remaining in the company, according to the outlet.alleging that Bed Bath & Beyond, Arnal and Cohen participated in a scheme to inflate the price of its stock to sell shares at a higher price.
“At all times Gustavo … controlled day to day affairs of BBBY, while Cohen, the largest BBBY shareholder who appointed three directors to BBBY’s board, a controlling person pursuant to Section 20 of the Exchange Act, has extensive involvement in management and decision making process through his ownership stake in BBBY and his appointed directors,” the lawsuit states.Arnal joined Bed Bath & Beyond in May 2020 after serving in similar roles for Avon and Walgreens Boots Alliance.
His onboarding at Bed Bath & Beyond was crucial to navigating the organization throughout the coronavirus pandemic, transforming the company’s financial foundation and building a strong and talented team, Bed Bath & Beyond said in a statement.