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Campbell Soup Company (NYSE: CPB) Investor Securities Class Action Lawsuit 09/28/2018

  • If you purchased shares of Campbell Soup Company (NYSE: CPB), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Campbell Soup Company
Security
NYSE: CPB

Case Name
Campbell Soup Shareholder Class Action Lawsuit 09/28/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

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Summary

November 30, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

April 30, 2019 - A motion to dismiss the consolidated amended complaint was filed.

March 1, 2019 - An amended consolidated complaint was filed.

September 28, 2018 - An investor in shares of Campbell Soup Company (NYSE: CPB) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Campbell Soup Company in connection with certain allegedly false and misleading statements made between August 31, 2017, and May 17, 2018.

Cambden, NJ based Campbell Soup Company, together with its subsidiaries, manufactures and markets branded food and beverage products. Campbell Soup Company reported that its Total Revenue rose from $7.89 billion for the 12 months period that ended on July 30, 2017 to over $8.68 billion for the 12 months period that ended on July,29, 2018.

On May 18, 2018, Campbell Soup Company announced unsatisfactory financial results for the third quarter, including a $19 million loss for the Campbell Fresh division in the third quarter fiscal 2018, forcing the company to take a $619 million pre-tax non-cash impairment charge for the division and to further revise its fiscal year 2018 earnings guidance. Furthermore, Campbell Soup Company announced that Denise Morrison was resigning as Chief Executive Officer of the company.

Campbell Soup Company (NYSE: CPB) declined to as low as $33.23 per share on May 29, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Campbell Soup Company (NYSE: CPB) common shares between August 31, 2017, and May 17, 201, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 31, 2017, and May 17, 2018, the defendants failed to disclose known trends that were negatively impacting the profitability of the Campbell Fresh division, and that as a result of the foregoing, the defendants' positive statements about Campbell's and the Campbell Fresh division's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.

On September 28, 2018, NYSE: CPB shares closed at $36.63 per share.