The New York Police Department confirmed Sunday that a Bed Bath & Beyond (BBBY) executive died after falling from a high-rise building in downtown Manhattan.

Gustavo Arnal, 52, reportedly fell from the 18th floor of a 57-story skyscraper, known as the "Jenga" tower, on Friday afternoon. He had served retailer's chief financial officer since May 2020 and had worked for Procter & Gamble for about 20 years.

Arnal's death comes days after he was recently named in an insider-trading federal class-action lawsuit. Bed Bath & Beyond announced last week that it would close about 150 stores and lay off about 20% of its corporate employees.

"The New York City Medical Examiner's Office will determine the cause of death and the investigation remains ongoing," police said.

Bed Bath & Beyond said in a statement that the company is "profoundly saddened by this shocking loss."

"At Bed Bath & Beyond Inc., Mr. Arnal was instrumental in guiding the organization throughout the coronavirus pandemic, transforming the Company's financial foundation and building a strong and talented team," read the company statement.

"He was also an esteemed colleague in the financial community."

Bed Bath & Beyond, Arnal and major shareholder Ryan Cohen were sued on Aug. 23. They faced accusations of artificially inflating the company's stock price through a pump-and-dump scheme.

Shares of Bed Bath & Beyond saw a sharp rise after trading at $4.60 on July 26. Shares of the company closed at $23.08 on Aug. 23 and later saw a steady decline. On Friday, shares of the retailer closed at $8.63.