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Case Status:    SETTLED
On or around 05/23/2003 (Date of order of final judgment)

Filing Date: January 07, 2000

According to the Company’s FORM 10-K For the Fiscal Year Ended August 3, 2003, on February 6, 2003, the company announced it had reached an agreement in principle to settle this case. The district court’s order approving the settlement was issued on May 22, 2003 and became effective June 23, 2003. Pursuant to the court’s order, all claims have been dismissed and the litigation has been terminated in exchange for a payment of $35 million, which was made in June 2003. The full amount of the payment was covered by insurance.

As previously reported, ten purported class action lawsuits were commenced against the company and two of its former executives in the United States District Court for the District of New Jersey. The lawsuits were subsequently consolidated, and an amended consolidated complaint was filed alleging, among other things, that the company and the former executives misrepresented the company’s financial condition between September 8, 1997 and January 8, 1999, by failing to disclose alleged shipping and revenue recognition practices in connection with the sale of certain company products at the end of the company’s fiscal quarters in violation of Section 10 (b) and 20 (a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder.

The original complaint charged the defendants with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. As alleged in the Complaint, Campbell claimed to have "sold" product to major distributors or resellers when in actuality Campbell never shipped the product to its customers. Campbell claimed these phantom sales in order to meet Wall Street's earnings estimates for the Company and therefore artificially inflate the price of Campbell's stock. When Campbell disclosed that it would have declining earnings as a result of lower sales, the price of Campbell stock dropped from approximately $54 per share to approximately $46 per share and has never recovered.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Food Processing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CPB
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 00-CV-00152
JUDGE: Hon. Joseph E. Irenas
DATE FILED: 01/07/2000
CLASS PERIOD START: 11/18/1997
CLASS PERIOD END: 01/08/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
  3. Starr, Gern, Davison & Rubin
    103 Eisenhower Pkwy, Starr, Gern, Davison & Rubin, NJ 07068
    973.403.9200 973.226.0030 · sgdr@starrgern.com
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 00-CV-00152
JUDGE: Hon. Joseph E. Irenas
DATE FILED: 07/27/2000
CLASS PERIOD START: 09/08/1997
CLASS PERIOD END: 01/08/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
No Document Title Filing Date