02:08 PM EDT, 08/02/2024 (MT Newswires) -- The company formerly known as Bed Bath & Beyond filed a lawsuit against Ryan Cohen and his company RC Ventures for alleged insider trading.

According to the suit filed Thursday in the US District Court for the Southern District of New York, the action seeks to recover more than $47 million in profit realized from alleged insider trading in 2022.

"The Cohen defendants made dozens of purchases and sales of [Bed Bath & Beyond's] equity securities between January and August 2022, all of them profitable," the complaint read. The defendants were directors of Bed Bath and Beyond board at the time of the trading, which entitles the company to recovery of the short-swing profit.

GameStop ( GME ) , which Cohen currently heads as chief executive, didn't immediately respond to a request for comment from MT Newswires.

Bed Bath & Beyond and related trademarks were acquired by Overstock.com, which then rebranded itself as Beyond and trades as BYON on New York Stock Exchange. The brand name is still in use by Beyond, which is a separate and unrelated company from the defunct Bed Bath & Beyond.

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