Bed Bath and Beyond CFO Dies after Fall From Tower

Bed Bath and Beyond CFO Dies after Fall From Tower

Bed Bath and Beyond CFO Dies after Fall From Tower

The Chief Financial Officer for Bed Bath and Beyond died on Friday after falling to his death from a New York City skyscraper according to police.

Gustavo Arnal joined the company in 2020. His death comes just days after a lawsuit alleges his involvement in a so-called quote pump and dump scheme. Police found the 52-year-old dead near a building known as the Jenga tower after they received a 911 call Friday afternoon. Arnal’s Injuries appear to be from a fall. No additional information has been released. The city’s Medical Examiner’s Office is investigating.

Bed Bath and Beyond confirmed Arnal’s death on Sunday offering condolences and requesting privacy for his family. Arnall sold over 55,000 shares in the company last month according to Reuters calculations based on SEC filings. The sales amounted to about $1.4 million. Arnal still had about 255,000 shares remaining.

On August 23, the company and major shareholder Ryan Cohen were sued over allegations of artificially inflating the firm’s stock price in a pump and dump scheme. The lawsuit alleges Arnell made misleading statements to investors and sold off his shares at a higher price after the scheme.

The class action lawsuit was brought by a group of shareholders who claimed they lost around $1.2 billion. The company did not respond to requests for comment on the lawsuit. The big box chain has recently seen its fortunes falter. Last week Bath and Beyond said it would close 150 stores, cut jobs, and overhaul its merchandising strategy in an attempt to turn around its money-losing business.

Bed Bath and Beyond CFO Dies after Fall From Tower