Investigation on behalf of certain investors of SUPERVALU INC. (Public, NYSE:SVU) over possible securities laws violations by SUPERVALU INC. announced – Contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com
(News4Press.com) SAN DIEGO, CA (Shareholders Foundation) – An investigation on behalf of SVU long term investors and investors, who purchased common stock of Supervalu Inc. (NYSE:SVU) during the period from April 23, 2009 through June 23, 2009, over possible claims for the violation of the federal securities laws by SUPERVALU INC was announced.
If you are a long term SVU investor and/or purchased common stock of Supervalu Inc. (NYSE:SVU) during the period from April 23, 2009 through June 23, 2009, you have certain options and you should contact the Shareholders Foundation at:
According to the investigation by a law firm the investigation focuses on allegations that Supervalu Inc. “disseminated highly positive guidance for the Company's financial performance for fiscal 2010 which may have been unsupported in order to close a $1 billion note offering in May 2009”. Subsequent to the release of the positive guidance on April 23, 2009, Supervalu Inc was able to increase the offering from $500 million. Then on May 7, 2009, Supervalu Inc announced the completion of its $1 billion note offering, which was needed to refund existing outstanding indebtedness of Supervalu Inc which was shortly coming due. Then, after the refinancing was complete, on June 24, 2009, so the investigation, Supervalu Inc revealed that first quarter 2010 earnings would be substantially below expectations, and that the previous guidance would be updated, and as a result, Supervalu shares dropped almost 12% on very heavy trading volume. Shares of Supervalu Inc. (NYSE:SVU) closed on June 23, 2009 before the announcement at over $16 per share and dropped on June 24, 2009 to $13.60 per share. Shares of Supervalu Inc. (NYSE:SVU) reached a 52weekHigh of $32.89 per share, $ 35.31 in May 2008, and over $48 per share in 2007. SUPERVALU INC. is located in Eden Prairie, MN and is a grocery channel that conducts its retail operations under different banners. Additionally, the Company provides supply chain services, primarily wholesale distribution, across the United States retail grocery channel. SUPERVALU INC. has 178,000 employees and reported $44.048billion in Total Revenue with a net income of $ 593million in 2007 and a Total Revenue of $44.564billion in 2008.
Those who are long term SVU investors and/or purchased common stock of Supervalu Inc. (NYSE:SVU) during the period from April 23, 2009 through June 23, 2009, have certain options and should contact the Shareholders Foundation at
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 mail@shareholdersfoundation.com www.ShareholdersFoundation.com
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. Any statements made in press releases, emails or over the phone by any member or personnel employed by Shareholders Foundation, Inc. or by third parties related to the Shareholders Foundation, Inc. is provided for research and guidance purposes only and are not legal advices, as we can not give you legal advice. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
