Lamb Weston Holdings Inc., a mass frozen potato product distributor, faces a class action alleging it violated federal securities laws by deceiving investors about the viability of its new software system.
Lamb Weston touted in July 2023 that its developing enterprise resource planning system could boost net sales profits to over $6 billion. But it wasn’t until the potato giant announced its 2024 third quarter sales in April when investors were told that software difficulties led to plummeting profits and a 19% drop in share prices, a complaint filed Thursday in a US district court in the District of ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.