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Houston municipal pension company accuses Conagra of false and misleading financial statements

By Carrie Bradon | Apr 30, 2019

CHICAGO — A Houston municipal pension company is suing Conagra, alleging the defendant made false and misleading statements about the financial health of its company.

The Houston Municipal Employees Pension System, individually and on behalf of all others similarly situated, filed a class action complaint April 15 in U.S. District Court Northern Division of Illinois Eastern District against Conagra Brands Inc., Sean M. Connolly and David S. Marberger, alleging violation of the 1934 Securities and Exchange Act.

The plaintiff alleges on Nov. 25, 2018, Conagra had 485.6 million shares of common stock outstanding. The suit says the defendant failed to disclose this information to the Houston pension company regarding Conagra's business, finances, value and performance and prospects. 

By failing to disclose the true state of Conagra’s financial status, the suit alleges, Conagra misled the plaintiffs and caused economic loss to individuals who chose to invest in Conagra.

The Houston Municipal Employees Pension System seeks trial by jury, damages awarded in trial, attorney fees, court costs and all other appropriate relief. It  is represented by attorneys Carol V. Gilden of Cohen Milstein Sellers & Toll PLLC in Chicago, and by Christopher J. Keller, Eric J. Belfi and Francis P. McConville of Labaton Sucharow LLP in New York. 

U.S. District Court Northern District of Illinois Eastern Division case number 1:19-CV-02550

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Conagra Brands, Inc. U.S. District Court for the Northern District of Illinois, Eastern Division

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