Case Page

 

Case Status:    DISMISSED    
On or around 12/08/2004 (Other)

Filing Date: December 04, 2002

According to the Company’s FORM 10-K for the fiscal year ended January 1, 2005, on June 22, 2004, the United States District Court for the District of Minnesota dismissed with prejudice the securities class action which had been filed against the Company and certain of its executive officers in June 2003, and which had consolidated eight separate class actions previously filed in late 2002 and early 2003. The consolidated action alleged that the defendants violated the Securities Exchange Act of 1934 by purportedly issuing false statements about the Company’s business and financial results in connection with vendor promotions. In October 2004, the District Court rejected plaintiffs’ motion requesting that this dismissal be vacated, and in November 2004 plaintiffs agreed to dismiss their appeal of the District Court’s ruling.

The original complaint charges Nash Finch Company and certain of its officers
and directors with issuing false and misleading statements concerning
its business and financial condition. Nash Finch is a food
distribution and retail company in the United States.

Specifically, the complaint alleges that Nash Finch issued false
statements, including false financial results in which the Company
included income from vendor promotions to which Nash Finch was not
entitled, so as to maintain favorable credit ratings on its debt. As a
result of defendants' false statements, the Company's stock traded at
artificially inflated levels, permitting Nash Finch to maintain credit
ratings on its $400 million in debt.

On November 8, 2002, Nash Finch issued a press release entitled
"Nash Finch Explains Postponement of Earnings Release" which disclosed
an SEC inquiry into its accounting practices. As a result, Nash Finch's stock collapsed to $7.60 before closing at $8.18, some 70% below the Class Period high of $28.85. It was also noted in November 2002 that Nash Finch's former CFO had sued the Company claiming he was fired in 2000 for refusing to manipulate Nash
Finch's reported financial results.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: NAFC
Company Market: NASDAQ
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-4736
JUDGE: Hon. James M. Rosebaum
DATE FILED: 12/04/2002
CLASS PERIOD START: 07/15/2002
CLASS PERIOD END: 11/08/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (FL)
    515 North Flagler Drive - Suite 1701, Berman DeValerio Pease Tabacco Burt & Pucillo (FL), FL 33401
    561.835.9400 ·
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. 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 ·
  4. 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
  5. 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
  6. 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-4736
JUDGE: Hon. James M. Rosebaum
DATE FILED: 06/10/2003
CLASS PERIOD START: 02/03/2000
CLASS PERIOD END: 02/04/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  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
No Document Title Filing Date
No Document Title Filing Date