NEW YORK — Supervalu gave “false and misleading” financial guidance that helped the retailer raise $1 billion through the debt market before a downward revision sent its stock reeling, according to allegations in a lawsuit filed here Monday.
The suit seeks class-action status on behalf of investors who bought Supervalu stock between April 23 — when the company announced fourth-quarter sales results and fiscal 2010 guidance — and June 23, when the company announced that first-quarter earnings would be below expectations. Supervalu stock fell by 12% on heavy volume that day.
The suit alleges that Supervalu intentionally overstated earnings guidance so as to close a $1 billion debt offering in late April.
A spokeswoman for Supervalu, based in Minneapolis, said the company does not comment on lawsuits as a matter of policy.
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