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Darden Restaurants Inc. Summary: According to a press release dated March 13, 2008, the complaint charges Darden and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Darden, through its subsidiaries, engages in the ownership and operation of casual dining restaurants in the United States and Canada. The Company operates restaurants under the names Red Lobster, Olive Garden, Bahama Breeze, Smokey Bones, and Seasons 52.
According to the complaint, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (a) that the Company’s core restaurants, such as Olive Garden, Red Lobster and LongHorn, were underperforming and same-store sales were experiencing negative trends; (b) that the Company was experiencing rising food costs which were above internal expectations; and (c) that, as a result of the forgoing, the defendants had no reasonable basis for their positive statements about the Company’s prospects and guidance for fiscal 2008.
On December 18, 2007, Darden announced its financial results for the fiscal second quarter of 2008, the period ended November 25, 2007. For the quarter, the Company reported net earnings from continuing operations of $44.1 million, or $0.30 per diluted share, and sales of $1.52 billion. Moreover, the Company dramatically reduced its diluted net earnings per share growth for fiscal 2008 from 10-12% to 7-9%. Upon this news, shares of the Company’s stock fell $7.68 per share, or over 21%, to close at $28.39 per share, on extremely heavy trading volume.
INDUSTRY CLASSIFICATION:
SIC Code: 5812
Sector: Services
Industry: Restaurants
| COMPANY/ISSUER NAME: | Darden Restaurants Inc. |
| COMPANY/ISSUER TICKER: | DRI |
| COMPANY WEBSITE: | http://www.darden.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Plumbers and Pipefitters Local 51 Pension Fund, et al. v. Darden Restaurants Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Demand for Jury Trial | |||
| Type: Complaint | Date on the document: 03/13/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Robert Kalkstein, et al. v. Darden Restaurants Inc., et al. | |||
| Type: Complaint | Date on the document: 4/4/2008 | ||
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