|  | | 2008 News and Press Releases | | |
SETTLEMENT NEWS:
Nash Finch Announces Agreement to Settle Class Action Lawsuit
Staff Writer
Business Wire. March 11, 2008
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EXCERPT: Nash Finch Company (Nasdaq: NAFC) a leading national food distributor, today announced that it has signed a Stipulation of Settlement which, if approved by the Court, will fully resolve all of the claims in the putative securities fraud class action pending in the United States District Court for the District of Minnesota. That class action was filed after the Company issued revised earnings guidance on October 20, 2005. The lawsuit challenged, among other things, the public statements the Company made about its acquisition of certain assets from Roundy’s Supermarkets, Inc. The Company denies it engaged in any wrongdoing. Pursuant to this settlement, which is subject to certain conditions, $6.75 million will be paid into a settlement fund that will be distributed to members of a class of all persons who purchased the Company’s common stock from February 24, 2005, the date the Company announced an agreement to acquire certain assets from Roundy’s Supermarkets, Inc., through and including October 20, 2005, the date the Company announced a downward revision to its earnings guidance for fiscal 2005. The settlement payment will be funded in full by the Company’s insurance coverage. Notice of the settlement must be provided to the class and then it is subject to final approval by the Court. |
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