Sep 8, 2023
The U.S. Securities and Exchange Commission (SEC) is investigating billionaire Ryan Cohen’s ownership and surprise sale of Bed Bath & Beyond shares, the Wall Street Journal reported on Thursday.
The SEC has requested information from Cohen about his trades and his communications with officers or directors at the home goods retailer, the report said, citing people familiar with the matter.
The regulator has also sought records from some of the company’s current and former board members, WSJ said.
Bed Bath & Beyond and the SEC did not immediately respond to Reuters’ requests for comment. Cohen could not be immediately reached for comment.
Cohen, who is currently chairman at GameStop, had disclosed a near 10% stake in Bed Bath & Beyond in March 2022 and wanted the company to explore strategic alternatives that included a full sale.
That same month, Bed Bath & Beyond and Cohen reached a settlement to add three new directors to the company’s board and the retailer agreed to look for alternatives for its buybuy Baby unit.
However in August, a regulatory filing showed that Cohen had exited his position in the company following a stunning rally during the month.
In April, Bed Bath & Beyond filed for Chapter 11 bankruptcy.
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