Campbell investors may receive additional information about the case by clicking the link "Submit Your Information" above.
Campbell is a global food company that sells soups, packaged meals, beverages, snacks, and packaged fresh foods. Through its “Campbell Fresh” division, Campbell sells refrigerated beverages, salad dressings, and fresh carrots and carrot ingredients under the Bolthouse Farms brand name, and salsa and hummus under the Garden Fresh Gourmet brand name.
The complaint alleges that, throughout the Class Period, the 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, the complaint alleges that: (i) the defendants failed to disclose known trends that were negatively impacting the profitability of the Campbell Fresh division; and (ii) 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.
Investors began to learn the truth about the Campbell’s operations through a series of disclosures throughout the Class Period, in which the Company reported disappointing results but continued to assure investors about the Company’s prospects.
Finally, on May 18, 2018, Campbell announced disappointing financial results for the third straight 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. Campbell simultaneously announced that Denise Morrison was stepping down immediately as Chief Executive Officer of the company.
Following this news, the price of Campbell common stock fell over 12%, from a close of $39.22 per share on May 17, 2018, to close at $34.37 per share on May 18, 2018.
If you are a member of the class described above, you may no later than November 27, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
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