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Investigations  /  02.28.2019

Shareholder Investigation of ConAgra Brands

ConAgra Brands, Inc. (CAG) Accused of Recklessly Acquiring Pinnacle

According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between June 27, 2018 through December 19, 2018 and Securities and Exchange Act of 1933 pursuant to ConAgra’s secondary public offering, ConAgra Brands, Inc. (CAG) announced the acquisition of Pinnacle in June 2018. At the time of the transaction, ConAgra represented the merger as a synergetic combination that would enhance its multi-year transformation plan and expand its presence and capabilities in its most strategic categories. In order to finance the pending acquisition, ConAgra effectuated a secondary public offering priced at $35.25 per share, and received approximately $612 million in net proceeds. Less than two months later, ConAgra disclosed Pinnacle’s subpar performance, and revealed that Pinnacle’s three leading brands were facing challenges due to self-inflicted subpar innovation and executional missteps. As a result of the disclosure, Conagra’s stock price fell $4.81 per share to $24.28. On the next trading day, Conagra’s stock declined an additional $2.13 per share. In just three trading sessions, Conagra stock declined $8.13 or 30%, to close at $20.96 on December 24, 2018.

ConAgra Brands, Inc. (CAG) Shareholders Have Legal Options

Concerned shareholders who would like more information about their rights and potential remedies can please send us a message via the Shareholder Information form below.

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Please Note: Neither the submission to nor the receipt of information by Robbins Arroyo LLP or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

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