The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of SUPERVALU INC. (NYSE:SVU) shares was launched over potential breaches of fiduciary duties by certain officers and directors at SUPERVALU INC.
Investors who purchased shares of SUPERVALU INC. (NYSE:SVU) and currently hold any of those NYSE:SVU shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain SUPERVALU officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
SUPERVALU INC. reported that its Total Revenue rose from over $17.13 billion for the 52 weeks period that ended on Feb. 23, 2013 to over $17.15 billion for the 52 weeks period that ended on Feb. 22, 2014 and that its Net Loss of over $1.46 billion for the 52 weeks period that ended on Feb. 23, 2013 turned into a Net Income of $182 million for the 52 weeks period that ended on Feb. 22, 2014.
Shares of SUPERVALU INC. (NYSE:SVU) grew from $1.86 per share in October 2012 to as high as $9.67 per share in September 2014.
On October 16, 2014, SUPERVALU INC. announced its second quarter fiscal 2015 results. In its quarterly filing with the SEC SUPERVALU INC. announced that as of August 2014, there has been two class action lawsuits initiated against SUPERVALU INC. relating to the data breach into the portion of its computer network that processes payment card transactions for some of its Retail Food stores, including some of its associated stand-alone liquor stores. One lawsuit alleges violations of the Federal Stored Communications Act and Illinois Personal Information Protection Act as a result of the criminal invasion and the second lawsuit. The second lawsuit alleges breach of contract, violation of Minnesota Deceptive Trade Practices Act, negligence, and invasion of privacy. Plaintiffs in both actions are seeking an unspecified amount in damages Shares of SUPERVALU INC. (NYSE:SVU) declined to $7.83 per share on October 27, 2014.
On November 10, 2014, NYSE:SVU shares closed at $8.70 per share.
Those who purchased shares of SUPERVALU INC. (NYSE:SVU), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com