According to the Complaint, Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves. The Company serves a variety of coffees, foods, and teas in-store via in-person customer transactions and its mobile ordering feature.

On November 2, 2023, Defendants issued a press release announcing 2023 full year fiscal highlights. On an earnings call the same day, one of the individual Defendants outlined fiscal year 2024 guidance. On January 30, 2024, Defendants published their first quarter fiscal 2024 results and reduced their projections for fiscal year 2024.

The Complaint alleges that during the Class Period, Defendants made false and/or materially misleading statements about the Company’s projected revenue outlook and anticipated growth while also minimizing risk from seasonality and growth in foreign markets, particularly China. Plaintiff brings this action on behalf of a Class, consisting of all those who purchased or otherwise acquired Starbucks' securities during the Class Period and were damaged upon the revelation of the alleged corrective disclosure.