Bed Bath & Beyond CFO Who Fell To His Death Was Named In Trading Scheme Lawsuit

Gustavo Arnal, 52, was pronounced lifeless simply after midday Friday by responding emergency personnel exterior the 57-story skyscraper often called the “Jenga” tower within the Tribeca neighborhood.

The New York Metropolis Medical Examiner’s Workplace will decide the reason for loss of life after an post-mortem and investigation, police stated. However emergency responders stated that Arnal “appeared to suffer from injuries indicative from a fall from an elevated position,” NBC Information reported.

“Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company. I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him,” Harriet Edelman stated in an announcement.

“Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time. Please join us in respecting the family’s privacy,” she added.

Arnal’s loss of life comes amid monetary hassle for Bed Bath & Beyond. The retailer introduced final week that it might shut about 150 of its shops and reduce its workforce by 20% in a bid to avoid wasting $250 million.

The retailer’s inventory final month plunged 40% after spiking some 350% when billionaire Ryan Cohen scooped up a big stake of the operation, luring excited buyers. On Friday, the day Arnal died, shares had been down 63% from their August peak, The Washington Publish reported.

Cohen rapidly dumped his holdings, in keeping with a Securities and Alternate Fee submitting, and made $58 million in his lightning-fast transactions, MarketWatch reported.

Arnal made about $1.4 million promoting shares final month, in keeping with Reuters.

Shareholders who stated they misplaced $1.2 billion within the roller-coaster values late final month named Arnal, Cohen and Bed Bath & Beyond in a lawsuit claiming that they’d been concerned in a “pump and dump” scheme, artificially driving up the worth of shares earlier than promoting at inflated costs.

“At all times Gustavo … controlled day to day affairs” of the corporate, whereas Cohen, the “largest BBBY shareholder who appointed three directors to BBBY’s board” had “extensive involvement in management and decision making … through his ownership stake in BBBY and his appointed directors,” the lawsuit states.

Cohen couldn’t instantly be reached for remark.