Conagra Brands, Inc.
| Company Name | Conagra Brands, Inc. |
| Stock Symbol | CAG |
| Class Period | June 27, 2018 to December 19, 2018 |
| Lead Plaintiff Motion Deadline | April 23, 2019 |
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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