Robbins Arroyo LLP: Campbell Soup Company (CPB) Misled Shareholders According to a Recently Filed Shareholder Lawsuit
SAN DIEGO & CAMDEN, N.J.--(BUSINESS WIRE)--Oct 8, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Campbell Soup Company (NYSE: CPB) have filed a complaint against the company’s officers and directors for violations of the Securities Exchange Act of 1934 from August 31, 2017 and May 17, 2018. Campbell is a global food company.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/campbell-soup-company/
Campbell Misled Investors Regarding Its Business Prospects, According to Lawsuit
According to the complaint, on August 31, 2017, Campbell touted its financial results and business prospects, stating that the company expected the Campbell Fresh division to “return to profitable growth in fiscal 2018.” However, on November 21, 2017, Campbell announced disappointing first quarter 2018 financial results, including an operating loss of $6 million, and reduced its fiscal year 2018 guidance for EBIT growth. Nevertheless, defendants reassured investors, stating that the company “continued to expect Campbell Fresh to return to profitable growth this fiscal year.” Campbell did not fare much better in the coming months and reported disappointing financial results for the second and third quarters of 2018. Then, on May 18, 2018, the company finally revealed that the Campbell Fresh division was not profitable for the first nine months of fiscal 2018, having incurred a $19 million loss in the third quarter fiscal 2018. The company also announced that its Chief Executive Officer was stepping down immediately. On this news, Campbell shares fell over 12%, to close at $34.37 per share on May 18, 2018.
Campbell Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181008005731/en/
CONTACT: Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
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SOURCE: Robbins Arroyo LLP
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PUB: 10/08/2018 03:19 PM/DISC: 10/08/2018 03:19 PM