NEW YORK, June 27, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws, is investigating potential wrongdoing at Ralcorp Holdings Inc. ("Ralcorp" or the "Company") (NYSE: RAH). The investigation focuses on whether certain officers and directors of Ralcorp breached their fiduciary duties in connection with the restatement of the Company's financial statements announced on May 7, 2012 and June 13, 2012.
In a Form 8-K dated May 7, 2012, Ralcorp announced that the financial statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2011 as well as the financial statements contained in Ralcorp's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2011, should no longer be relied upon because of errors. The errors related to the non-cash goodwill impairment charge recorded by the Company in the fourth quarter of fiscal 2011.
On June 13, 2012, the Company announced that the fiscal 2010 and 2009 financial statements included in the 2011 Annual Report, and the financial statements included in Ralcorp's Quarterly Reports on Form 10-Q for the fiscal quarters ended December 31, 2010, March 31, 2011 and June 30, 2011 should also no longer be relied upon because of errors in those financial statements. The newly identified errors relate to the condensed consolidated financial information included in the notes to the financial statements referred to above. The Company announced it will "restate its financial statements for each of the three years in the period ended September 30, 2011, for the three months ended December 31, 2011 and 2010, for the three and six months ended March 31, 2011 and for the three and nine months ended June 30, 2011 and 2010."
The June 13, 2012 filing goes on to disclose that additional material weaknesses have been found and that "accounting controls and procedures were ineffective during the periods covered by the financial statements." The Company also indicated that it had not yet completed its evaluation of the impact of the errors on its internal control over financial reporting and disclosure controls and procedures and therefore, "there can be no assurance that additional control deficiencies which represent material weaknesses will not be identified."
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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action and derivative litigation. The firm is focused on providing exemplary legal services in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you hold Ralcorp shares and you would like to discuss your legal rights, visit www.faruqilaw.com/RAH. You can also contact us by calling Beth Keller toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
Faruqi & Faruqi, LLP
Beth A. Keller, Esq.
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New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
E-mail: [email protected]
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