Shamis & Gentile, P.A. is investigating possible stockholder claims on behalf of shareholders of Petco Health and Wellness Company, Inc. (“Petco” or the “Company”) (WOOF). Concerned shareholders are advised to contact the firm now.
The investigation concerns whether Petco’s board of directors and executive officers breached their fiduciary duties to the Company and its shareholders by failing to maintain adequate internal controls and oversight.
Shamis & Gentile, P.A. is examining whether the board and officers of Petco failed to implement and monitor board-level systems to ensure the accuracy of the Company’s public statements regarding the sustainability of pandemic-era tailwinds and its “premiumization” and “humanization” strategies. In the wake of the COVID-19 pandemic, the Company consistently highlighted the benefits of increased pet adoption and claimed that these trends would drive sustainable, profitable growth, particularly through the sale of premium, health-focused pet products. However, as pandemic-related tailwinds subsided, Petco’s financial performance reportedly deteriorated, with notable declines in sales and profitability beginning as early as mid-2023.
Shamis & Gentile, P.A. stands out as an advocate for shareholders seeking corporate accountability and governance reforms. The firm is committed to pursuing derivative actions that benefit companies and their shareholders by recovering damages and implementing meaningful corporate governance improvements. Shamis & Gentile has recovered over $1 billion for consumers nationwide. Its extensive experience, expertise and resources enable the firm to resolve disputes in a wide range of matters, including derivative actions, class actions and complex commercial litigation.
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