According to recent accounts, Gustavo Arnal’s wife was with him in the minutes before he fell to his death from the family’s 18th-floor Manhattan apartment. Gustavo Arnal was the former chief financial officer of Bed Bath & Beyond.
According to The New York Times, 52-year-old Arnal died in an apparent suicide, according to the authorities. According to authorities, his body was discovered Friday next to the Jenga building where he lived and “appeared to suffer from injuries indicative from a fall from an elevated position.”
According to the New York Post, his wife was in the flat when he took the plunge.
— Devyne Watson (@DevyneWatson) September 5, 2022
The Post quoted a law enforcement source as saying that no suicide note was discovered and that no criminal activity is suspected.
The Daily Mail stated that Arnal had been married to his wife for 28 years. He leaves two daughters in his wake.
He also leaves behind a complicated financial problem, which, according to the Daily Mail, spurred a class action lawsuit on behalf of everyone who purchased Bed Bath & Beyond stock between March 25 and August 18.
The lawsuit was brought roughly a week before Arnal passed away.
Arnal and investor Ryan Cohen were named as defendants in the lawsuit, which claimed that efforts were done to artificially increase the stock price.
In order to artificially raise the share price, the lawsuit claimed that Arnal’s involvement was performed by providing “materially misleading statements and omissions about the company’s financial standing in an effort to artificially inflate the share price.”
“Through mid-August 2022, BBBY appeared — from the company’s public statements and financial reporting to be a successful turning-around company,” the lawsuit stated.
— New York Post (@nypost) September 5, 2022
After Cohen and Arnal sold their shares at a time the stock was high, the stock began to fall. Stock that had been selling at $30 a share before the sales was soon down to $16.16 a share, continuing to fall throughout the month.
Bed Bath & Beyond recently said it would close 150 stores and slash jobs in an effort to turn around the company, according to Reuters.
The store closings followed a second quarter in which same-store sales dropped 26 percent year over year.