Today's Date: Add To Favorites
Class Action Filed Against Former, Current A&P Execs
Legal Business | 2011/09/16 22:10
A class action has been filed in the U.S. District Court for the District of New Jersey on behalf of purchasers of the securities of the Great Atlantic & Pacific Tea Co. Inc. (A&P) for the period between July 23, 2009, and Dec. 10, 2010. The complaint, filed Sept. 9 by Robbins Geller Rudman & Dowd LLP, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, Philadelphia and Atlanta, claims that some former and current A&P executives violated the Securities Exchange Act of 1934. A&P itself wasn’t named as a defendant in the action because it filed for bankruptcy protection in December 2010.

Those named in the action are former Executive Chairman and CEO Christian Haub, former CEO and President Eric Claus, former CFO and Treasurer Brenda Galgano, Vice Chairman and Chief Strategy Officer Andreas Guldin, former CEO and President Ron Marshall, and current CEO and President Sam Martin.

The complaint alleges that during the period mentioned above, the defendants failed to disclose material adverse facts about the company’s true financial condition, business and prospects. Specifically, the class action alleges that the executives failed to reveal that A&P was facing increased low-cost competition from retailers such as Walmart and Target, which  negatively affected its business and financial condition; that the Pathmark acquisition was a “complete disaster” for the company, as Pathmark’s operations were in far worse condition than had been represented to investors; that A&P wasn’t operating according to internal expectations and couldn’t achieve the guidance endorsed by the defendants; and that, as a result of these factors, the defendants lacked a reasonable basis for their positive statements about the company, its operations and prospects.

The class action seeks to recover damages on behalf of all purchasers of A&P securities during the period noted above. Those who are member of this class can view a copy of the complaint or join the class action online at www.rgrdlaw.com/cases/aandp


[PREV] [1] ..[1951][1952][1953][1954][1955][1956][1957][1958][1959].. [2710] [NEXT]



All
Legal Business
Headline Legal News
Court News
Court Watch
Legal Interview
Topics in Legal News
Attorney News
Press Release
Opinions
Legal Marketing
Politics
Texas’ migrant arrest law will rema..
Former Georgia insurance commissione..
Alabama woman who faked kidnapping p..
A Supreme Court ruling in a social m..
Denying same-sex marriage is unconst..
Trump wants N.Y. hush money trial to..
China’s top court, prosecutors repo..
Supreme Court restores Trump to ball..
Supreme Court casts doubt on GOP-led..
Donald Trump appeals $454 million ju..
Alabama hospital pauses IVF treatmen..
Ken Paxton petitions to stop Dallas ..
 Law Firm Web Design Information
Law Promo has worked with attorneys, lawyers and law firms all over the world in designing beautiful law firm websites that look great on all devices, from desktop computers to mobile phones. Law Promo can construct your law firm a brand new responsive law firm website, or help you redesign your existing site to secure your place in the mobile world. Solo Practice Law Firm Website Design


   Lawyer & Law Firm Links
Amherst, Ohio Divorce Lawyer
Sylkatis Law - Child Custody
loraindivorceattorney.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Car Accident Lawyers
Sunnyvale, CA Personal Injury Attorney
www.esrajunglaw.com
Family Law in East Greenwich, RI
Divorce Lawyer - Erica S. Janton
www.jantonfamilylaw.com/about
Connecticut Special Education Lawyer
www.fortelawgroup.com
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
www.onulawfirm.com
 
 
Disclaimer: The content contained on the web site has been prepared by Romeo Media as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Legal Business News for You to Reach America's Legal Professionals. Get the latest legal news and information.