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Darden Restaurants Inc (NYSE: DRI) Investor Securities Class Action Lawsuit 03/13/2008

  • If you purchased shares of Darden Restaurants Inc (NYSE: DRI), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Darden Restaurants
Security
NYSE: DRI

Case Name
Darden Restaurants Shareholder Class Action Lawsuit 03/13/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Middle District of Florida

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

August 11, 2009 - The court granted the defendants' motion to dismiss.
November 25, 2008 - The defendants filed a motion to dismiss.

September 2, 2008 - The lead plaintiffs filed an amended consolidated complaint.

On July 1, 2008- The lead plaintiffs were appointed and all cases were consolidated.

May 12, 2008 - Lead plaintiff motions were filed.

On April 22, 2008 - 2 cases were consolidated.

March 13, 2008 - An investor in shares of Darden Restaurants Inc (NYSE: DRI) filed a lawsuit in the U.S. District Court for the Southern District of Florida against Darden Restaurants Inc over alleged violations of Federal Securities Law.

The complaint alleges that Darden Restaurants Inc and certain of its officers and directors violated the Securities Exchange Act of 1934. According to the complaint, during June 19, 2007 and December 18, 2007, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (a) that the Company’s core restaurants, such as Olive Garden, Red Lobster and LongHorn, were underperforming and same-store sales were experiencing negative trends; (b) that the Company was experiencing rising food costs which were above internal expectations; and (c) that, as a result of the forgoing, the defendants had no reasonable basis for their positive statements about the Company’s prospects and guidance for fiscal 2008.

On December 18, 2007, Darden Restsaurants Inc announced its financial results for the fiscal second quarter of 2008, the period ended November 25, 2007. For the quarter, the Company reported net earnings from continuing operations of $44.1 million, or $0.30 per diluted share, and sales of $1.52 billion. Moreover, the Company dramatically reduced its diluted net earnings per share growth for fiscal 2008 from 10-12% to 7-9%. Upon this news, shares of the Company’s stock fell $7.68 per share, or over 21%, to close at $28.39 per share, on extremely heavy trading volume.

Darden Restaurants Inc, through its subsidiaries, engages in the ownership and operation of casual dining restaurants in the United States and Canada. The Company operates restaurants under the names Red Lobster, Olive Garden, Bahama Breeze, Smokey Bones, and Seasons 52.