SAN FRANCISCO--(BUSINESS WIRE)--Securities attorneys at Girard Sharp, a national class action law firm, have launched an investigation following reports that Conagra may have violated state and federal law by making false and misleading statements regarding the company’s business, and the companies’ ability to efficiently integrate Pinnacle Foods, Inc. into its existing business.
Lost Money in Conagra? You May Have a Claim
Investors who purchased or otherwise acquired Conagra’s shares are encouraged to contact a Girard Sharp securities attorney for a free and confidential case consultation by calling toll-free at (866) 981-4800, emailing us at firstname.lastname@example.org, or visiting https://www.girardsharp.com/work-investigations-Conagra-investigation.
History of Reported Misconduct
Conagra makes and sells packaged food products under various brand names that are available in supermarkets, restaurants, and food service establishments. Conagra common stock currently trades on the New York Stock Exchange under the ticker symbol “CAG.”
On October 26, 2018, Conagra completed its merger with Pinnacle Foods, a move that was touted by the company as a combination of "two growing portfolios" and a "no brainer of a deal" that would enhance Conagra's multi-year transformation plan and expand its presence and capabilities in its most strategic categories, including frozen foods and snacks.
Unbeknownst to shareholders, however, Conagra and its management were aware or recklessly disregarded that the deal would not result in anywhere near the sort of benefits that had been publicly represented. Shortly after the merger closed, Conagra announced its quarterly earnings results, revealing that for several of the newly acquired Pinnacle brands, “[n]et sales were below expectations due to weak performance.”
As a result, Conagra stock then declined $8.13, almost 30%, over three trading sessions to close at $20.96 on December 24th, 2018, wiping billions off its market value. Conagra has also announced plans to close some of its facilities as a result.
If you are a current or former shareholder of Conagra Brands and believe you have sustained investment losses, you may be entitled to compensation. Join the case to seek recovery of your losses.
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