Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Conagra Brands, Inc.
LOS ANGELES--(BUSINESS WIRE)--Apr 19, 2019--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the April 23, 2019 deadline to file a lead plaintiff motion in the class action 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@example.com, 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 or otherwise acquired Conagra securities during the Class Period you may move the Court no later than April 23, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 firstname.lastname@example.org, 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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View source version on businesswire.com:https://www.businesswire.com/news/home/20190419005176/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 04/19/2019 06:52 PM/DISC: 04/19/2019 06:52 PM