Bed Bath & Beyond Stock Tanks As CFO Death Ruled A Suicide

Bed Bath & Beyond (BBBY) shares took a major dip on Tuesday after the company's chief financial officer fell from a Manhattan skyscraper, known as the "Jenga" building, on Friday.

Gustavo Arnal's death was ruled a suicide on Monday by the New York City Medical Examiner's Office, the New York Times reported. The Medical Examiner's Office said he died from "multiple" blunt force trauma, Reuters reported.

Shares of Bed Bath & Beyond were down over 15% in premarket trading on Tuesday, the first day the New York Stock Exchange was open since Labor Day weekend.

Arnal, who was 52 at the time of his death, was one of the executives who announced on Wednesday that Bed Bath & Beyond would be laying off 20% of its workforce in addition to closing about 150 underperforming stores as part of a companywide turnaround plan.

The turnaround plan also included new financing for the home goods retailer and the sale of as many as 12 million shares.

It was revealed last month that Arnal was being sued along with Bed Bath & Beyond over claims that the company's stock was being artificially inflated in what is known as a "pump and dump" scheme. According to Reuters, the lawsuit alleged that Arnal sold off his stock at a higher price as a result of the scheme.

Bed Bath & Beyond said the claims in the lawsuit are "without merit," adding that it is in the "early stages of evaluating the complaint," according to Reuters.

Arnal came to Bed Bath & Beyond in 2020. He previously was the chief financial officer at Avon Products. He also previously worked at Walgreens Boots Alliance and Procter & Gamble.