LEGAL PROCEEDINGS
−Removed: The Company, its directors, and several of its executive officers are defendants in several class actions alleging violations of federal securities laws.
−Removed: The lawsuits assert that the Company's officers made material misstatements and omissions that caused the market to have an unrealistically positive assessment of the Company's financial prospects in light of the acquisition of Pinnacle, thus causing the Company's securities to be overvalued prior to the release of the Company's consolidated financial results on December 20, 2018 for the second quarter of fiscal year 2019.
−Removed: The first of these lawsuits, captioned West Palm Beach Firefighters' Pension Fund v.
−Removed: Conagra Brands, Inc., et al.
−Removed: , with which subsequent lawsuits alleging similar facts have been consolidated, was filed on February 22, 2019 in the U.S.
−Removed: District Court for the Northern District of Illinois.
−Removed: In addition, on May 9, 2019, a shareholder filed a derivative action on behalf of the Company against the Company's directors captioned Klein v.
−Removed: Arora, et al.
−Removed: District Court for the Northern District of Illinois asserting harm to the Company due to alleged breaches of fiduciary duty and mismanagement in connection with the Pinnacle acquisition.
−Removed: On July 9, 2019 and September 20, 2019, and March 10, 2020, the Company received three separate demands from stockholders under Delaware law to inspect the Company's books and records related to the Board of Directors' review of the Pinnacle business, acquisition, and the Company's public statements related to them.
−Removed: On July 22, 2019 and August 6, 2019, respectively, two additional shareholder derivative lawsuits captioned Opperman v.
−Removed: Connolly, et al.
−Removed: Connolly, et al.
−Removed: were filed in the U.S.
−Removed: District Court for the Northern District of Illinois asserting similar facts and claims as the Klein v.
−Removed: Arora, et al.
−Removed: On October 21, 2019, the Company received an additional demand from a stockholder under Delaware law to appoint a special committee to investigate the conduct of certain officers and directors in connection with the Pinnacle acquisition and the Company's public statements.
−Removed: We have put the Company's insurance carriers on notice of each of these securities and shareholder matters.
−Removed: While we cannot predict with certainty the results of these or any other legal proceedings, we do not expect these matters to have a material adverse effect on our financial condition, results of operations, or business.
For additional information on legal proceedings, please refer to Part I, Item 3 "Legal Proceedings" and Note 16, "Contingencies" to the financial statements, in each case contained in our Annual Report on Form 10-K for the year ended May 31, 2020, and Note 11, "Contingencies" to the Condensed Consolidated Financial Statements contained in this Quarterly Report on Form 10-Q.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.