Nash Finch Target of Class Action Lawsuit
MINNEAPOLIS-- Nash Finch Company said yesterday that a class action lawsuit had been filed against the company and some of its executives in United States District Court for the District of Minnesota, on behalf of shareholders who claim that the defendants violated the Securities Exchange Act by issuing false statements so as to artificially inflate the price of Nash Finch stock.
The shareholders were purchasers of the Nash Finch's common stock during the period from February 24, 2005, the date the company announced an agreement to acquire two distribution divisions from Roundy's Supermarkets, Inc., through October 20, 2005, the date the Company announced a downward revision to its earnings guidance for fiscal 2005.
Nash Finch said in a statement that it believes the lawsuit is without merit, and that it intends to vigorously defend against it.
The shareholders were purchasers of the Nash Finch's common stock during the period from February 24, 2005, the date the company announced an agreement to acquire two distribution divisions from Roundy's Supermarkets, Inc., through October 20, 2005, the date the Company announced a downward revision to its earnings guidance for fiscal 2005.
Nash Finch said in a statement that it believes the lawsuit is without merit, and that it intends to vigorously defend against it.