10/26/2018, 3:36 AM (Source: TeleTrader)
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Campbell's sued by shareholders

Third Point Management and stakeholder George Strawbridge filed a lawsuit against the Campbell Soup Company for withholding information critical for its shareholders. Campbell's board of directors is accused of conducting a campaign of misinformation directed at its shareholders in an effort to secure their vote at the annual meeting and ensure the board members remain in control of the company.

The lawsuit claims the Board sent shareholders materials that misrepresent, among other allegations, qualifications and conflicting interests of its members, and the departure of the company's former CEO Denise Morrison and the lack of any succession plan.

The New York-based hedge fund holds approximately 7% of Campbell's outstanding common shares, while Strawbridge owns 2.7%.

Breaking the News / MD