Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Campbell Soup Company ("Campbell" or the "Company") CPB of the November 27, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Campbell stock or options between August 31, 2017 and May 17, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/CPB. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Campbell Soup common stock between August 31, 2017 and May 17, 2018 (the "Class Period"). The case, Marder v. Campbell Soup Company et al., No. 18-cv-14385 was filed on September 28, 2018, and has been assigned to Judge Noel Lawrence Hillman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) known trends were negatively impacting the profitability of the Campbell Fresh division; and (2) as a result of the foregoing, Defendants' positive statements about the Company's and the Campbell Fresh division's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Specifically, on November 21, 2017, the company announced disappointing first quarter 2018 financial results and reduced its fiscal year 2018 earnings guidance.
On this news, the Company's share price fell from $49.93 per share on November 20, 2017 to $45.84 per share on November 21, 2018—a $4.09 or 8.19% drop.
Then, on February 16, 2018, the Company announced more disappointing financial results for the second quarter of 2018, which were driven by "continued challenges" in Campbell Fresh.
On this news, the Company's share price fell—over four trading days—from $47.70 per share on February 15, 2018 to $42.20 per share on February 21, 2018.
Then, on May 18, 2018, the Company reported disappointing financial results for the third straight quarter and admitted that the Campbell Fresh division was not profitable for the first nine months of fiscal year 2018. The Company also announced that its Denise Morrison would step down immediately as CEO.
On this news, the Company's share price declined from $39.22 per share on May 17, 2018 to $35.37 per share on May 18, 2018—a $4.85 or 12.37% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Campbell's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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