NEW YORK, June 16, 2022
Did you lose money on investments in Unilever? If so, please visit Unilever PLC Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, June 16, 2022 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the American Depositary Receipts ("ADRs") of Unilever PLC ("Unilever" or the "Company") (NYSE: UL) between September 2, 2020 and July 21, 2021, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
Unilever is a British multinational consumer goods company which sells more than 400 products in over 190 countries, including Ben & Jerry's ice cream, which they acquired in 2000. In an attempt to preserve Ben & Jerry's longstanding "Social Mission," Unilever's acquisition of Ben & Jerry's included allowing for an independent board of directors, which was given primary responsibility for preserving and enhancing the objectives of the company's Social Mission (the "B&J Board").
More than 20 years after the acquisition, Ben & Jerry's remains a wholly owned subsidiary of Unilever with an independent board addressing the company's Social Mission. Since the acquisition, the B&J Board continued its Social Mission by engaging in promotions and advocacy across a host of issues concerning the environment, voter turnout, fair trade, and genetically modified organisms. Today, the B&J Board, chaired by Anuradha Mittal ("Mittal"), consists primarily of social activists who joined long after Unilever's acquisition.
The B&J Board passed a resolution in July 2020 to end sales of Ben & Jerry's products in areas that the B&J Board considers to be Palestinian territories illegally occupied by Israel. According to Mittal, Ben & Jerry's CEO Matthew McCarthy ("McCarthy") chose not to "operationalize" the resolution immediately, thus temporarily thwarting the B&J Board's decision. During the morning of July 19, 2021, Unilever and its hand-picked CEO McCarthy "operationalized" the B&J Board's resolution to boycott Israel. Ben & Jerry's announced on its website and through its Twitter account that, upon the expiration of the current licensing agreement by which its products had been distributed in Israel for decades, Ben & Jerry's would end sales of its ice cream in "Occupied Palestinian Territory", but Ben & Jerry's would purportedly continue to sell its products in Israel.
The decision by the B&J Board appeared to arise out of the boycott, divestment, and sanctions ("BDS") movement. The BDS movement is a pro-Palestinian movement promoting boycotts, divestments, and economic sanctions against Israel. The BDS movement's objective is to coerce Israel into making concessions to the Palestinians by using boycotts and the like to exert economic and political pressure. Additionally, and of particular significance here, 35 U.S. states have adopted laws, executive orders, or resolutions aimed at discouraging boycotts, divestment, and sanctions of Israel ("Anti-BDS Legislation").
During the morning of July 22, 2021, CNBC reported that the states of Texas and Florida were examining Ben & Jerry's actions in connection with the states' Anti-BDS Legislation. In addition to condemnation of Ben & Jerry's boycott by Texas Governor Greg Abbott, CNBC reported that Texas State Comptroller Glenn Hegar, who controls billions of dollars in assets for Texas' public pension funds, had already told his office to take action. Similarly, the state of Florida's CFO Jimmy Patronis ("Patronis"), who controls Florida's public pension funds, told CNBC that his office was already discussing the issue. In a letter reportedly sent to Ben & Jerry's CEO, Patronis wrote: "It is my belief that Ben & Jerry's brazen refusal to do business in Israel will result in your placement on the Scrutinized Companies that Boycott Israel List." The letter also stated that Florida would then "be prohibited from investing in Ben & Jerry's or its parent company, Unilever." Being added to the list also meant that Unilever would not be able to enter or renew contracts with the state or any municipality in Florida.
On this news, the price of Unilever ADRs fell $3.19 to close at $55.52 per ADR on July 22, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than August 15, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased the ADRs of Unilever, and/or would like to discuss your legal rights and options please visit Unilever PLC Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP