A pension fund has filed a lawsuit in Illinois federal court alleging that Conagra Brands Inc. tricked investors into approving its nearly $11 billion acquisition of Pinnacle Foods Inc.
Conagra, a massive packaged foods company and component of the S&P 500, told investors that acquiring Pinnacle was a “no brainer” and would help the company expand its frozen food and snack offerings. Then, after the merger closed in late 2018, they revealed serious financial problems with Pinnacle, according to the lawsuit. Conagra’s stock price fell significantly as a result. Continue reading