Conagra Escapes Shareholder Suit Over $11B Pinnacle Deal
Law360 (October 16, 2020, 4:33 PM EDT) -- An Illinois federal judge on Thursday tossed a putative class action alleging packaged food company Conagra Brands Inc. misled shareholders about Pinnacle Foods' financial state at the time Conagra bought the competing food company for nearly $11 billion.
In 2018, Conagra acquired Pinnacle Foods Inc. for $10.9 billion, holding a secondary public offering to help fund the deal. Conagra reported disappointing financial results after the merger and its stock price fell, with investors alleging Conagra's executives violated securities laws by hiding Pinnacle's true financial status.
But U.S. District Judge Martha M. Pacold ruled Thursday that the shareholders didn't show the company...
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