According to the Complaint, Conagra is a branded consumer packaged goods food company that operates in many sectors of the food industry, with a focus on the sale of branded, private branded, and value-added consumer food, as well as foodservice items and ingredients.
The Complaint alleges that throughout the Class Period, including in the registration statement and prospectus issued in connection with the secondary public offering commenced on or about October 9, 2018, 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 material information concerning Conagra’s acquisition of Pinnacle Foods, Inc., including that: (i) Conagra inadequately performed proper due diligence in connection with the acquisition of Pinnacle; (ii) the performance of Pinnacle’s three leading brands was not deteriorating due to intensified competition, but 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 when made.
On April 29, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on July 1. Defendants filed a Motion to Dismiss the consolidated Complaint on September 3. On October 15, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. On December 10, Plaintiffs filed their notice of intent not to file an amended Complaint. The Court issued an Order dismissing the case with prejudice on December 23.