A lawsuit was filed on behalf of investors in Conagra Brands, Inc. (NYSE: CAG) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/06/2019 -- The Shareholders Foundation announces that an investor, who purchased shares of Conagra Brands, Inc. (NYSE: CAG), filed a lawsuit over alleged violations of Federal Securities Laws by Conagra Brands, Inc.
Investors who purchased shares of Conagra Brands, Inc. (NYSE: CAG) have certain options and for certain investors are short and strict deadlines running. Deadline: April 23, 2019. NYSE: CAG investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On June 27, 2018, Conagra Brands, Inc announced the acquisition of Pinnacle Foods, Inc., in a cash and stock transaction valued at approximately $10.9 billion. On or about October 9, 2018, in order to partially finance the pending acquisition of Pinnacle Foods, Inc., Conagra Brands, Inc effectuated a secondary public offering of 16,312,057 shares of common stock, priced at $35.25 per share, raising net proceeds of approximately $612 million. Just weeks after the closing of the merger, on December 20, 2018, Conagra Brands, Inc stunned the market by releasing its third quarter 2018 results, as well as an update on the performance of the newly merged company, which revealed that Pinnacle Foods' performance had been much worse than previously represented. In addition, Conagra Brands, Inc revealed that Pinnacle Foods' three leading brands had "suffered sales and distribution losses" in 2018 and accounted "for the vast majority of Pinnacle Foods' current challenges."
The plaintiff claims that the Defendants failed to disclose material information concerning Conagra's acquisition of Pinnacle Foods, Inc. including that Conagra Brands, Inc inadequately performed proper due diligence in connection with the acquisition of Pinnacle, that the performance of Pinnacle Foods' three leading brands was not deteriorating due to intensified competition, but to self-inflicted subpar innovation and executional missteps, that Pinnacle's business was performing so poorly that it had resorted to pushing promotional deals to retailers in an effort to boost sales, and that as a result of the foregoing, Defendant's public statements were materially false and/or misleading and/or lacked a reasonable basis when made.
Those who purchased shares of Conagra Brands, Inc. (NYSE: CAG) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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