Beatie and Osborn LLP Announces Class Action Lawsuit Against Supervalu, Inc. on Behalf of Investors.Business Editors & Legal Writers The Law Firm of Beatie and Osborn LLP LLP - Lower Layer Protocol announced today that a class action has been filed in the United States District Court for the District of Minnesota The United States District Court for the District of Minnesota is the Federal district court whose jurisdiction is the state of Minnesota. It was established by an act of Congress on March 17, 1849. on behalf of individuals who acquired Supervalu, Inc. (NYSE NYSE See: New York Stock Exchange : SVU SVU Special Victims Unit SVU Southern Virginia University (Buena Vista, Virginia) SVU Society for Vascular Ultrasound SVU Sri Venkateswara University (Tirupati, India) SVU Syrian Virtual University ; "Supervalu" or the "Company") common stock during the period between July 29, 1999 and June 25, 2002, as well as former shareholders of Richfood Holdings, Inc. ("Richfood") who exchanged their shares for Supervalu common stock (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.bandolaw.com. The complaint charges Supervalu with issuing false and misleading statements concerning its business and financial condition in violation of the federal securities laws. Specifically, the complaint alleges that defendants issued statements regarding its annual financial performance that were materially false and misleading because, among other things: (i) the Company was employing improper accounting practices regarding the cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold for at least the past four years in violation of Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . As a result, the Company announced on June 26, 2002 that it expects $21 million in additional expenses; and (ii) based on the foregoing, defendant's statements concerning the financial condition of Supervalu were lacking in a reasonable basis at all times. The impact of these announcements was immediately felt in the market. Shares of Supervalu fell sharply following the Company's statements on June 26, 2002. Supervalu stock closed on June 26, 2002, at $21.95 down approximately $6.11, or 22%. Subsequently, on July 1, 2002, five days after the Company disclosed the existence of its internal investigation, Supervalu did in fact restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its financial statements for previous years. If you acquired Supervalu common stock between July 29, 1999, and June 25, 2002, and you wish to serve as lead plaintiff, you must file a motion with the Court no later than September 10, 2002. If you are a member of this class, you can join this class action online at www.bandolaw.com . Any member of the purported pur·port·ed adj. Assumed to be such; supposed: the purported author of the story. pur·port  ed·ly adv. class may move the Court to serve as lead plaintiff through Beatie and Osborn LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to this case, please contact:
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