The Bed Bath & Beyond executive who died on Friday was accused in a lawsuit of participating in a scheme to inflate the company's value.
The CFO of the home goods retailer died on Sunday after a New York Post report said he was the man who jumped from the Jenga skyscraper.
The lawsuit was filed in the US District Court for the District of Columbia. The company said it was in the early stages of evaluating the complaint, but that it believed the claims to be without merit, according to the news agency.
According to the lawsuit, Cohen wanted to control the company's shares so he could make more money. Bed Bath & Beyond shares have been considered a meme stock in recent months, with a highly volatile price due to social media sentiment.
According to Fox Business, the lawsuit states that Cohen would act as a price support for the stock if he had control over a large portion of the public float. The defendants would make a lot of money from the rise in price and could coordinate their selling of shares to maximize their returns.
Over the course of a few days last month, Arnal sold over 50,000 shares in the company, but he still had more than 200,000 left.
After buying millions of shares in the company, Cohen withdrew his position last month, raising hopes that he would help turn the company around.
Bed Bath & Beyond asked for respect for the family and their privacy while declining to comment on the lawsuit.
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