NEW YORK, Oct. 12, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Campbell Soup Company (“Campbell” or the “Company”) (: CPB). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Campbell Soup and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 21, 2017, Campbell announced disappointing financial and operating results for first quarter fiscal 2018, which included a decrease in operating earnings for the Company’s Campbell Fresh division from a gain of $1 million in the first quarter fiscal 2017 to a loss of $6 million in the first quarter fiscal 2018. As a result, Campbell reduced its fiscal year 2018 earnings guidance. Following this news, Campbell’s stock price fell $4.09 per share, or 8.2%, to close at $45.84 on November 21, 2017.
Then, on February 16, 2018, Campbell announced disappointing financial and operating results for the second quarter of 2018, including a further decline in the Campbell Fresh division’s operating earnings from a loss of $3 million in the second quarter fiscal 2017 to a loss of $11 million in the second quarter fiscal 2018. Once again, the Company reduced its fiscal year 2018 earnings guidance. Following this news, Campbell’s stock price fell $4.80 per share, or approximately 10.1%, over the following three trading sessions, to close at $42.90 on February 21, 2018.
Finally, on May 18, 2018, Campbell announced disappointing financial and operating results for the third straight quarter, including a $19 million loss for the Campbell Fresh division in third quarter fiscal 2018. Campbell reported that the poor performance of Campbell Fresh had forced the Company to take a $619 million pre-tax non-cash impairment charge for the division and had, in part, prompted the Company to further revise its fiscal year 2018 earnings guidance. Campbell concurrently announced that Denise M. Morrison was stepping down immediately as Campbell’s Chief Executive Officer. Following this news, Campbell’s share price fell $4.85 per share, or 12.37%, to close at $34.37 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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 9980
