NEW YORK, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Campbell Soup Company (“Campbell” or the “Company”) (CPB) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and index under 18-cv-15694, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise, acquired Campbell securities between August 31, 2017 through May 17, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Campbell securities between August 31, 2018, and May 17, 2018, both dates inclusive, you have until November 27, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Campbell is a global food company that sells soups, packaged meals, beverages, snacks, and packaged fresh foods. The Company’s Campbell Fresh division includes: Bolthouse Farms fresh carrots, carrot ingredients, refrigerated beverages, and refrigerated salad dressings; Garden Fresh Gourmet salsa, hummus, dips and tortilla chips; and the U.S. refrigerated soup business.
Prior to the Class Period, Campbell Fresh had experienced negative profitability growth and was continuing on this downward trajectory. Nevertheless, throughout the Class Period, the Company and its senior executives assured investors that it was righting the ship.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s Campbell Fresh division was suffering from known business headwinds, negatively impacting its profitability; and (ii) as a result, the Company’s public statements as set forth above were materially false and misleading at all relevant times.
Beginning on November 21, 2017, and ending on May 17, 2018, the true state of affairs at Campbell Fresh began to emerge. Specifically, it was fully revealed by the end of the Class Period that Campbell Fresh would not be able to return to profitability in fiscal 2018.
By the end of the Class Period, Campbell common stock had fallen dramatically, to close at $34.37 per share on May 18, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 9980