-
Jason Berkes’s Recent Posts
- Construction Listing – Extra Than A Itemizing Of Products And Sellers
- Communicate With Full Colour Enterprise Cards
- Advertising Yourself To Associates?
- Where Has Customer Service Gone?
- When Customers Complain
- What’s Changing In Customer Service? The Highest 5 New Issues That Prospects Want.
- Effective Ways To Use Digital Signs When Advertising
- Digital Signs: Getting The Word Out
- Document Storage Scanning To CD
- Develop Loyal Customers For A Lifetime – Half 2 (Eleven – 20)
Pages
Archives
Supervalu Charged With Securities Fraud Suit
Supervalu gave “false and misleading” financial guidance that helped the retailer raise $1 billion through the debt market before a downward revision sent its stock reeling, according to allegations in a lawsuit filed here Monday.
The suit seeks class-action status on behalf of investors who bought Supervalu stock between April 23 — when the company announced fourth-quarter sales results and fiscal 2010 guidance — and June 23, when the company announced that first-quarter earnings would be below expectations. Supervalu stock fell by 12% on heavy volume that day.
The suit alleges that Supervalu intentionally overstated earnings guidance so as to close a $1 billion debt offering in late April.
A spokeswoman for Supervalu, based in Minneapolis, said the company does not comment on lawsuits as a matter of policy.
Supervalu has always been a good company in my eyes. We will have to see what comes of this.
Thanks
Jason Berkes