Conagra wins dismissal of securities complaint relating to merger with Pinnacle Foods
Clients Conagra Brands, Inc.
Jones Day obtained dismissal of a class-action complaint asserting claims against Conagra Brands, Inc. and its officers and directors under the Securities Exchange Act of 1934 and the Securities Act of 1933. The plaintiffs claimed that the defendants made misleadingly optimistic statements about the expected synergies from Conagra's merger with Pinnacle Foods in 2018, resulting in a stock price decline when Conagra announced disappointing results in the first quarter following the closing of the merger. The court granted Jones Day's motion to dismiss after a remote four-hour hearing carried out via telephone.
West Palm Beach Firefighters' Pension Fund v. Conagra Brands, Inc., et al, No. 1-19-cv-01323 (N.D. Ill.)