Wolf Popper LLP Files Class Action Lawsuit Against Pinnacle Foods Inc.
NEW YORK, August 22, 2018
Wolf Popper LLP has filed a class action lawsuit against Pinnacle Foods Inc. (NASDAQ: PF) and members of its Board, in the U.S. District Court for the District of Jersey (2:18-cv-12501), on behalf of current public stockholders of Pinnacle, seeking to enjoin the consummation of a proposed transaction, or, in the event it is consummated, to recover damages resulting from defendants’ wrongdoing. This action alleges claims for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934.
If you are a member of the Class, you may file a motion no later than October 22, 2018 to be appointed lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Class members are urged to contact Wolf Popper to discuss their rights.
The action stems from a proposed transaction announced on June 27, 2018, pursuant to which Pinnacle will be acquired by Conagra Brands, Inc. Under the terms of the deal, Pinnacle shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra common stock for each share of Pinnacle held.
On July 25, 2018, with respect to the proposed transaction, defendants filed a preliminary proxy statement on a Form S-4 which contained materially false and/or misleading information concerning, among other things, the analyses performed by the respective financial advisors of Pinnacle, in support of their fairness opinions, including certain of the projections relied upon in performing these analyses.
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