Conagra Brands, Inc.
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, the registration statement and prospectus issued in connection with the SPO and throughout the Class Period, 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 that: (i) Conagra inadequately performed proper due diligence in connection with the acquisition of Pinnacle; (ii) the performance of Pinnacle's three leading brands were deteriorating not due to intensified competition, but due 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.