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Oklahoma City, OK (February 25, 2019) – On February 22, 2019, a securities class action lawsuit was filed in the United States District Court for the Northern District of Illinois against Conagra Brands, Inc. (NYSE: CAG). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is June 27, 2018 through December 19, 2018. The Complaint asserts claims for violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 and alleges that throughout the Class Period, including in the registration statement and prospectus issued in connection with the SPO, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Conagra’s business, operations, prospects and financial health. Specifically, Defendants failed to disclose material information concerning Conagra’s acquisition of Pinnacle Foods, Inc. (“Pinnacle”), including that: (i) Conagra inadequately performed proper due diligence in connection with the acquisition of Pinnacle; (ii) the performance of Pinnacle’s three leading brands was not deteriorating due to intensified competition, but to self-inflicted subpar innovation and executional missteps; (iii) Pinnacle’s business was performing so poorly that it had resorted to pushing promotional deals to retailers in an effort to boost sales; and (iv) as a result of the foregoing, Defendant’s public statements were materially false and/or misleading and/or lacked a reasonable basis when made.
On December 20, 2018, the Company disclosed disappointing financial results for 2Q 2019, including net sales for its recently-acquired Pinnacle segment that were “below expectations due to weak performance across a range of significant brands,” which resulted in much negative scrutiny by analysts, questioning whether Conagra had performed proper due diligence in the transaction.
Plaintiff seeks to recover damages on behalf of all Conagra Brands, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, April 23, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org