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Conagra wins affirmance of dismissal of securities class action in the Seventh Circuit

Clients Conagra Brands, Inc.

In May 2022, the U.S. Court of Appeals for the Seventh Circuit affirmed the dismissal of a securities class action brought against Jones Day client Conagra Brands, Inc. The complaint asserted claims under the Securities Exchange Act of 1934 and the Securities Act of 1933, based on allegations that the defendant made misleadingly optimistic statements about the expected results of Conagra's merger with Pinnacle Foods in 2018. The Seventh Circuit affirmed the district court's dismissal of the complaint, concluding that the plaintiffs had failed to demonstrate the falsity of the challenged statements or fraudulent intent by any of the defendants. The circumstance giving rise to the complaint "was a business problem, not a securities problem," the Seventh Circuit found.

National Elevator Indus. Pension Fund v. Conagra Brands, Inc., No. 21-1155, 2022 WL 1449184 (7th Cir. May 9, 2022)