SAN DIEGO & CHICAGO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/ClassAction?src=hash” target=”_blank”gt;#ClassActionlt;/agt;–Shareholder rights law firm Robbins
Arroyo LLP announces that purchasers of ConAgra Brands, Inc. (NYSE:
CAG) filed a class action complaint against the company for alleged
violations of the Securities and Exchange Act of 1934 between June 27,
2018 through December 19, 2018 and Securities and Exchange Act of 1933
pursuant to ConAgra’s secondary public offering. ConAgra is a one of
North America’s branded food companies.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/conagra-brands/
ConAgra Accused of Recklessly Acquiring Pinnacle
According to the complaint, ConAgra announced the acquisition of
Pinnacle in June 2018. At the time of the transaction, ConAgra
represented the merger as a synergetic combination that would enhance
its multi-year transformation plan and expand its presence and
capabilities in its most strategic categories. In order to finance the
pending acquisition, ConAgra effectuated a secondary public offering
priced at $35.25 per share, and received approximately $612 million in
net proceeds. Less than two months later, ConAgra disclosed Pinnacle’s
subpar performance, and revealed that Pinnacle’s three leading brands
were facing challenges due to self-inflicted subpar innovation and
executional missteps. As a result of the disclosure, Conagra’s stock
price fell $4.81 per share to $24.28. On the next trading day, Conagra’s
stock declined an additional $2.13 per share. In just three trading
sessions, Conagra stock declined $8.13 or 30%, to close at $20.96 on
December 24, 2018.
ConAgra Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.