KESSLER TOPAZ MELTZER & CHECK, LLP - Announces Investor Securities Fraud Class Action Lawsuit Filed Against CAMPBELL SOUP COMPANY - CPB
RADNOR, Pa., Sept. 28, 2018 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that it has filed a class action complaint against Campbell Soup Company (NYSE: CPB) ("Campbell") on behalf of investors who purchased Campbell securities between August 31, 2017, and May 17, 2018, inclusive (the "Class Period"). This action, captioned Marder v. Campbell Soup Company, et al., Case No. 18-cv-14385 was filed in the United States District Court for the District of New Jersey.
Investors who purchased Campbell securities during the Class Period may, no later than November 27, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit: www.ktmc.com/campbell-soup-company-securities-class-action
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.
Campbell investors who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at [email protected].
Campbell investors may, no later than November 27, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check 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, please visit www.ktmc.com.
Contacts
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888)-299-7706 or (610)-667-7706
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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