CAG ConAgra Brands Inc

Shareholder Class Action Filed Against ConAgra Foods, Inc. by the Law Firm of Schiffrin & Barroway, LLP RADNOR, Pa., June 30 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the District Court for the District of Nebraska on behalf of purchasers of ConAgra Foods, Inc. ("ConAgra" or the "Company") (NYSE:CAG) common stock during the period between September 18, 2003 and June 7, 2005 (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges ConAgra and Bruce Rohde with violations of the Securities Exchange Act of 1934. ConAgra operates as a packaged food company serving grocery retailers, restaurants, and other food service establishments, as well as food processors. The complaint alleges that defendants' Class Period representations regarding ConAgra were materially false and misleading when made for the following reasons: (1) that the Company's net income figures were overstated due to improper accounting for income taxes; (2) that as a result of this, the Company's financial results were in violation of generally accepted accounting principles ("GAAP"); (3) that the Company lacked adequate internal controls; (4) that the Company's financial results were materially inflated at all relevant times; and (5) that as a result of the above, the Company's projections were lacking in any reasonable basis when made. On March 24, 2005, the Company announced it would be restating its financial statements for fiscal 2002 through the first half of fiscal 2005 due to improper accounting for income taxes. ConAgra stock fell to around $26 per share on this news. Then, on June 7, 2005, the Company announced that its fiscal 2005 fourth quarter would be lower than expected primarily due to continued weak profitability in the packaged meats operations. On this news, the stock fell further to $24.32 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform and has recovered billions of dollars on behalf of both individual investors and institutional investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/ If you are a member of the class described above, you may, not later than August 22, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Darren J. Check, Esq., Schiffrin & Barroway, LLP, +1-888-299-7706 (toll free) or +1-610-667-7706, Web site: http://www.sbclasslaw.com/

Copyright