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BOCA RATON, Fla., Feb. 22, 2019 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Northern District of Illinois (Case No. 1:19-cv-01323) against Conagra Brands, Inc. (“Conagra”) (NYSE: CAG) on behalf of investors who purchased or otherwise acquired Conagra’s common stock between June 27, 2018 and December 19, 2018, inclusive (the “Class Period”), and/or purchased shares of Conagra’s common stock pursuant and/or traceable to Conagra’s secondary public offering commenced on or about October 9, 2018 (“SPO”).
If you purchased Conagra common stock during the Class Period and/or in connection with the SPO and wish to apply to be lead plaintiff, a motion on your behalf must be filed with the Court by no later than April 23, 2019. You may contact Lester Hooker (email@example.com) at Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff or your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Conagra manufactures and markets packaged foods for retail consumers, restaurants and institutions. Conagra has a portfolio of well-known food brands including Reddi-wip, Hunt’s, Healthy Choice, Slim Jim and Orville Redenbacher’s.
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.
Saxena White P.A., with offices in Florida, New York, and Massachusetts, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.