Four class-action suits were filed in federal court in Newark, N.J., during the past two weeks against Campbell Soup Co., alleging the company used phantom sales to meet earnings estimates. The suits contend the New Jersey company artificially inflated the value of its stock by claiming to have sold products that were never shipped to distributors.
January 26, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Four class-action suits have been filed in federal court in Newark during the past two weeks against Campbell Soup Co., alleging that the company used phantom sales to meet earnings estimates.
The suits, the most recent of which was filed Friday by Washington, D.C.’s Cohen, Milstein, Hausfeld & Toll and Philadelphia’s Berger & Montague, allege that the Camden company artificially inflated the value of its stock by claiming to have sold products that were never shipped to distributors.
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