Glancy Prongay & Murray LLP Files a Securities Class Action with Expanded Class Period on Behalf of Campbell Soup Company Investors
LOS ANGELES--(BUSINESS WIRE)--Nov 27, 2018--National law firm Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the District of New Jersey, captioned Clayton v. Campbell Soup Company et. al., (docket number: 1:18-cv-16476) on behalf of persons and/or entities that acquired Campbell Soup Company (“Campbell” or the “Company”) (NYSE: CPB ) securities between February 17, 2017 and May 17, 2018, inclusive (the “Class Period”). Plaintiff pursues claims under the Securities Exchange Act of 1934. Campbell Soup Company investors are hereby notified that they have until November 27, 2018 to move the Court to serve as lead plaintiff in this action.
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On May 18, 2018, the Company reported a $19 million operating loss for the Campbell Fresh division and a $619 million pre-tax non-cash impairment charge as a result of the division’s poor performance. On this news, the Company’s share price fell $4.85 per share, more than 12%, to close at $34.37 per share on May 18, 2018, on unusually high trading volume, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the profitability of the Company’s Campbell Fresh division was negatively impacted by known trends; and (2) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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If you purchased Campbell securities during the Class Period, you may move the Court no later than November 27, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181127005829/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 11/27/2018 03:47 PM/DISC: 11/27/2018 03:47 PM