Company: Supervalu Inc.,
Ticker Symbol: SVU
Class Period: Apr-23-09 to Jun-23-09
Date Filed: Jul-13-09
Lead Plaintiff Deadline: Sep-11-09
Court: Southern District of New York
A class action lawsuit has been filed in the United States District Court for the Southern District of New York alleging the violation of the federal securities laws on behalf of purchasers of the common stock of Supervalu Inc. ("Supervalu" or the "Company") during the period from April 23, 2009 through June 23, 2009.
The Complaint alleges that the Company disseminated unreasonable highly positive guidance for the Company's financial performance for fiscal 2010, in order to close a $1 billion note offering in May 2009. Indeed, positive guidance on April 23 generated such interest in the Company it was able to offer $500 million in new notes and almost immediately increased the offering to $1 billion. On May 7, 2009, the Company announced the completion of its $1 billion note offering, which was needed to retire existing outstanding indebtedness of the Company which was shortly coming due.
Then, after the refinancing was complete, on June 24, 2009, the Company revealed that first quarter 2010 earnings would be substantially below expectations, and that the previous fiscal 2010 guidance would be updated in light of an unexpectedly poor first quarter. As a result, Supervalu shares dropped almost 12% on very heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Supervalu Inc., SVU Securities Fraud Legal Help
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