Bed Bath & Beyond shares fell sharply after the chief financial officer jumped to his death
Gustavo Arnal, the chief financial officer of the embattled retailer, jumped to his death from a high-rise apartment in Manhattan on Friday afternoon, a law enforcement source previously told CNN. New York Police said in a statement on Sunday that Arnal, 52, was found unconscious and unresponsive outside his luxury 57-story skyscraper in the Tribeca neighborhood.
A law enforcement source told CNN on Sunday that Arnal’s wife watched him jump. The source said that while no suicide note was found, no crime is suspected.
Amal has been named as a defendant in a class action lawsuit accusing him, Ryan Cohen and other major shareholders of engaging in a “pump and dump” scheme to artificially inflate the company’s stock price. The lawsuit was filed last month in the United States District Court for the District of Columbia.
The lawsuit alleges that Arnal and others made misleading statements and omissions when communicating with investors regarding the company’s strategic plans and financial condition, and delayed disclosures about holding and selling their stock. The lawsuit also alleges that stakeholders shared false revenue numbers and the company’s plans to separate its “Buy Buy Baby” brand to fuel the stock-buying frenzy.
On Tuesday, the company named Laura Crosen, senior vice president of finance, as its interim chief financial officer, and she will continue in her role as chief accounting officer.
CNN’s Brian Gingrass, William Reilly, Ramisha Maarouf, and Samantha Beach contributed to this report.