Value-Oriented Grocery Retailer Hit with Securities Class Action

Grocery Outlet Holding Corp., its top executive, and its former CFO are facing a new proposed securities class action.

The complaint, filed in the US District Court for the Northern District of California by Riccio Liberato, alleges violations of federal securities laws related to alleged misrepresentations and omissions concerning Grocery Outlet’s ability to timely and effectively execute a transition to upgraded internal systems.

“Grocery Outlet is a value retailer of consumables and fresh products sold via a network of independently operated stores across the United States,” the complaint says.

Liberato alleges that the defendants made false and misleading statements and ...