Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Conagra Brands, Inc. Investors
Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of Conagra Brands, Inc. (“Conagra” or the “Company”) (NYSE: CAG) investors who: a) purchased or otherwise acquired Conagra common stock between June 27, 2018 and December 19, 2018, inclusive (the “Class Period”); and/or b) purchased Conagra common stock pursuant and/or traceable to the Company’s secondary public offering commenced on or about October 9, 2018 (“SPO”). Conagra investors have until April 23, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On December 20, 2018, the Company disclosed disappointing financial results for 2Q 2019, including net sales for its recently-acquired Pinnacle Foods, Inc. (“Pinnacle”) that were “below expectations due to weak performance across a range of significant brands,” which resulted in negative scrutiny by analysts, questioning whether Conagra had performed proper due diligence in the transaction.
On this news, shares of Conagra fell $2.13 or nearly 9%, to close at $22.15 on December 21, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Conagra inadequately performed proper due diligence in connection with the acquisition of Pinnacle; (2) the performance of Pinnacle’s three leading brands was not deteriorating due to intensified competition, but to self-inflicted subpar innovation and executional missteps; (3) Pinnacle’s business was performing so poorly that it had resorted to pushing promotional deals to retailers in an effort to boost sales; and (4) as a result of the foregoing, Defendant’s public statements were materially false and/or misleading and/or lacked a reasonable basis when made.
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If you purchased shares of Conagra during the Class Period you may move the Court no later than April 23, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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