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Case Status:    SETTLED
On or around 08/17/2004 (Date of order of final judgment)

Filing Date: July 11, 2002

According to the Company’s Form 10-Q for the quarterly period ended September 11, 2004. On April 29, 2004, the court granted preliminary approval to a stipulation of settlement between the company and plaintiffs. The court granted final approval of the settlement on August 16, 2004, and on September 15, 2004, the period in which to appeal the court’s action expired.

By the Notice of Pendency and Proposed Settlement of Class Action and Notice of Motion for Attorneys Fees and Expenses dated May 3, 2003, the proposed Settlement provides for Settlement Proceeds in the amount of $4,000,000.

The original complaint charges Supervalu, Inc. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that defendants issued statements regarding Supervalu's annual financial performance and filed reports confirming such performance with the United States Securities and Exchange Commission ("SEC"). The complaint alleges that these statements were materially false and misleading because, among other things, (i) the Company was employing improper accounting practices regarding the cost of goods sold for at least the past four years in violation of Generally Accepted Accounting Principles. As a result, the Company announced on June 26, 2002 that it expects $ 21 million in additional expenses; and (ii) based on the foregoing, defendants' statements concerning the financial condition of Supervalu were lacking in a reasonable basis at all times.

The impact of these announcements was immediately felt in the market. Shares of Supervalu fell sharply following the Company's statements on June 26, 2002. Supervalu stock closed on June 26, 2002, at $ 21.95 down approximately $ 6.11, or 22%. Subsequently, on July 1, 2002, a mere five days after the Company disclosed the existence of its internal investigation, Supervalu did, in fact, materially restate its financial statements for all of Fiscal Years 2000, 2001 and 2002.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Grocery)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SVU
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. Minnesota
DOCKET #: 02-CV-01738
JUDGE: Hon. Joan E. Lancaster
DATE FILED: 07/11/2002
CLASS PERIOD START: 04/04/2001
CLASS PERIOD END: 06/26/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  2. Howard G. Smith, Attorney at Law
    3070 Bristol Pike, Suite 112, Howard G. Smith, Attorney at Law, PA 19020
    215.638.4847 215.638-4867 ·
  3. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  4. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  5. Mark McNair
    1919 Pennsylvania Avenue, NW, Suite 800, Mark McNair , DC 20006
    703.273.3070 · wmmcnair@justice4investors.com
  6. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  7. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 02-CV-01738
JUDGE: Hon. Joan E. Lancaster
DATE FILED: 12/27/2002
CLASS PERIOD START: 07/12/1999
CLASS PERIOD END: 06/25/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  2. Reinhardt, Wendorf & Blanchfield Attorneys at Law
    E-1000 First National Bank Building, 332 Minnesota Street, Reinhardt, Wendorf & Blanchfield Attorneys at Law, MN 55101
    800.465.1592 651.297.6543 · info@ralawfirm.com
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  4. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date