LOS ANGELES, May 17, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against United Natural Foods, Inc. ("United Natural Foods" or the "Company") (NYSE: UNFI).

Class Period: March 10, 2021 – March 7, 2023
Lead Plaintiff Deadline: May 19, 2023

If you wish to serve as lead plaintiff of the United Natural Foods lawsuit, you can submit your contact information at www.glancylaw.com/cases/United-Natural-Foods-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On March 8, 2023, before the market opened, United Natural Foods announced its second quarter 2023 financial results, revealing a $6 million decline in gross profit, despite a 6% increase in net sales. The Company stated that its profits "were challenged as we did not repeat the significant level of procurement gains from rapidly accelerating inflation and inventory gains, due to supply chain volatility, that we experienced in the second quarter of last year."

On this news, the Company's stock price fell $11.49, or 28.1%, to close at $29.47 per share on March 8, 2023, thereby injuring investors.

The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors: (1) that, despite its cost saving Value Path initiative, United Natural Foods had not invested in improving its data management and related infrastructure; (2) that, as a result, the Company could not respond adequately to cost changes, such as inflationary pressure; (3) that, as a result, the Company could not appreciate the benefits of procurement gains and inventory gains achieved during fiscal 2022; (4) that, as a result of the foregoing, the Company's profitability would be materially adversely impacted; and (5) and that as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. 

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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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SOURCE Glancy Prongay & Murray LLP