The Bed Bath & Beyond main fiscal serviceman who fell to his decease from a downtown Manhattan precocious emergence wherever helium lived was named successful a suit past period alleging “pump and dump” insider trading.
Gustavo Arnal, 52, was pronounced dormant conscionable aft noon Friday by responding exigency unit extracurricular the 57-story skyscraper known arsenic the “Jenga” operation successful the Tribeca neighborhood.
The New York City Medical Examiner’s Office volition find the origin of decease aft an autopsy and investigation, constabulary said. But exigency responders said that Arnal “appeared to endure from injuries indicative from a fall from an elevated position,” NBC News reported.
“Gustavo volition beryllium remembered by each helium worked with for his leadership, endowment and stewardship of our Company. I americium arrogant to person been his colleague, and helium volition beryllium genuinely missed by each of america astatine Bed Bath & Beyond and everyone who had the pleasance of knowing him,” Harriet Edelman said successful a statement.
“Our absorption is connected supporting his household and his squad and our thoughts are with them during this bittersweet and hard time. Please articulation america successful respecting the family’s privacy,” she added.
Arnal’s decease comes amid fiscal occupation for Bed Bath & Beyond. The retailer announced past week that it would close astir 150 of its stores and chopped its workforce by 20% successful a bid to prevention immoderate $250 million.
The retailer’s banal past period plunged 40% aft spiking immoderate 350% erstwhile billionaire Ryan Cohen scooped up a ample involvement of the operation, luring excited investors. On Friday, the time Arnal died, stocks were down 63% from their August peak, The Washington Post reported.
Arnal made astir $1.4 cardinal selling shares past month, according to Reuters.
Shareholders who said they mislaid $1.2 cardinal successful the roller-coaster values precocious past period named Arnal, Cohen and Bed Bath & Beyond successful a suit claiming that they had been progressive successful a “pump and dump” scheme, artificially driving up the worth of shares earlier selling astatine inflated prices.
“At each times Gustavo … controlled time to time affairs” of the company, portion Cohen, the “largest BBBY shareholder who appointed 3 directors to BBBY’s board” had “extensive engagement successful absorption and determination making ... done his ownership involvement successful BBBY and his appointed directors,” the suit states.
Cohen could not instantly beryllium reached for comment.