NEW YORK, July 13, 2009 (GLOBE NEWSWIRE) -- Roy Jacobs & Associates announces that it has filed a class action in the United States District Court for the Southern District of New York alleging 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. You may also visit the Firm's website at www.jacobsclasslaw.com.
The Complaint alleges that the Company disseminated unreasonable highly positive guidance for the Company's financial performance for fiscal 2010, in order to close a $1 billion note offering in May 2009. Indeed, positive guidance on April 23 generated such interest in the Company it was able to offer $500 million in new notes and almost immediately increased the offering to $1 billion. On May 7, 2009, the Company announced the completion of its $1 billion note offering, which was needed to retire 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 fiscal 2010 guidance would be updated in light of an unexpectedly poor first quarter. 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, 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. All motions for Lead Plaintiff must be filed no later than September 11, 2009. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
You may also sign up at our website at www.jacobsclasslaw.com.