NEW YORK, June 25, 2009 (GLOBE NEWSWIRE) -- Roy Jacobs & Associates announces that it is investigating possible claims for the violation of the federal securities laws on behalf of purchasers of the common stock of Supervalu Inc. ("Supervalu" or the "Company") (NYSE:SVU) during the period from April 23, 2009 through June 23, 2009.
For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to rjacobs@jacobsclasslaw.com.
The investigation focuses on allegations that the Company 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. Indeed, subsequent to the release of the positive guidance on April 23, 2009, the Company was able to increase the offering from $500 million. On May 7, 2009, the Company announced the completion of its $1 billion note offering, which was needed to refund existing outstanding indebtedness of the Company which was shortly coming due.
Then, after the refinancing was complete, on June 24, 2009, the Company revealed that first quarter 2010 earnings would be substantially below expectations, and that the previous guidance would be updated. As a result, Supervalu shares dropped almost 12% on very heavy trading volume.
If you purchased Supervalu common stock during the period from April 23, 2009 through June 23, 2009, have suffered a loss, whether or not you still hold your shares and you are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you.