Global Processing

ConAgra retiree alleges Company manipulated earnings in third class-action lawsuit

July 22, 2005
A third class-action lawsuit — this one from a retiree of ConAgra Foods Inc. — has been filed accusing top executives of manipulating the Omaha-based company''s earnings, the Associated Press reports. The lawsuit was filed in U.S. District Court by Michael Rantana on behalf of ConAgra employees who bought the company''s stock as part of their 401(k) plans after Sept. 18, 2003. The lawsuit, which asks for unspecified damages, accuses Bruce Rohde, ConAgra president, chief executive and chairman, as well as other executives of hiding information about the company''s finances from the public. That action, according to the lawsuit, caused the retirees to lose money when the value of the company''s stock later fell.