Investors File Complaint Against Scotts Miracle-Gro Company Amid Stock Decline

NEW YORK, NY - Kaplan Fox & Kilsheimer LLP has announced that a complaint has been filed on behalf of investors who purchased common stock of The Scotts Miracle-Gro Company (NYSE: SMG) between November 3, 2021, and August 1, 2023. Investors who have experienced losses during this period are encouraged to reach out to the firm for assistance. The deadline for potential lead plaintiffs to file motions is August 5, 2024. The complaint follows significant financial setbacks for Scotts, particularly highlighted by a press release on June 8, 2022, which disclosed that replenishment orders from retail partners in the U.S. Consumer segment were $300 million below target for May. Further compounding these issues, the company reported a 6% decline in third-quarter net sales on August 2, 2023, largely attributed to a staggering 40% drop in its Hawthorne segment. On the same day, Scotts' stock price plummeted by $13.58 per share, a 19% decrease, closing at $57.86 after a previous close of $71.44. The complaint alleges that throughout the class period, the company misled investors regarding its inventory levels, assuring them that these levels were appropriate despite evidence of an oversupply that exceeded consumer demand. Kaplan Fox, a prominent national law firm specializing in complex litigation, is urging affected investors to contact them for more information on the lead plaintiff process and potential legal recourse.