Securities Lawsuit Investigation | Naples, Florida, Orlando, Miami, Jacksonville and Tampa | Company: Great Atlantic & Pacific Tea Company | For: Misleading Sales Forecasts, Failure to Disclose Information, Artificially Inflated Stock Prices
Gilman Law LLP, a leading Naples, Florida, securities law firm, is now accepting claims for lawsuits on behalf of Great Atlantic & Pacific Tea Company, Inc. (“A&P”) shareholders. The firm is actively investigating shareholder claims that A&P, an operator of conventional supermarkets, combination food and drug stores and discount food stores, and certain of its officers and directors, violated the Securities Exchange Act of 1940 by issuing false and misleading statements regarding the Company’s true financial condition, business and prospects. The firm is currently offering free legal evaluations to all Florida A&P investors, including those in the Naples, Orlando, Miami, Jacksonville and Tampa areas.
For over 40 years, Gilman Law has represented investors in all major aspects of securities fraud litigation, including stock manipulation, securities fraud, and shareholder rights violations. The firm’s Naples office is offering free legal consultations to investors from throughout Florida, including Naples, Orlando, Miami, Jacksonville, and Tampa. If you purchased or otherwise acquired shares of Great Atlantic & Pacific Tea Company, Inc. (NYSE: GAP), during the period between July 23, 2009 and December 10, 2010, and either lost money on the transaction or still hold the shares, you must contact Gilman Law LLP no later than November 8, 2011 in order to exercise your legal rights against A&P.
A&P Class Action Lawsuit Allegations
A&P has been named in a class action lawsuit on behalf of purchasers of A&P securities alleging that Defendants failed to disclose material information to the investing public. According to the lawsuit, which was filed in the United States District Court for the District of New Jersey, Defendants repeatedly assured investors that A&P was well positioned for long-term growth over time and the new capital it raised would significantly strengthen the Company as well as accelerate the turnaround time of its Pathmark’s operations.
In reality, competition from Wal-Mart, Target Corp. and other retailers was negatively impacting the Company’s business and financial condition, the lawsuit states. A&P allegedly failed to disclose that the Pathmark acquisition was a complete disaster for the Company, as Pathmark’s operations were in far worse condition than had been represented to investors. The suit further alleges that A&P was not operating according to internal expectations and could not achieve the guidance sponsored and/or endorsed by Defendants. A&P also failed to disclose that Defendants lacked a reasonable basis for their positive statements about the Company, operations and prospects.
On December 10, 2010, A&P issued a press release which shocked investors and reported that the Company was performing well below expectations and they would likely be forced to file for bankruptcy. According to the lawsuit, A&P’s misleading sales projections in combination with its failure to disclose negative business trends had caused artificially inflated prices during the Class Period. News of the Company’s true financial condition caused shares of A&P to drop dramatically.
Legal Help for A&P Shareholders
Gilman Law has extensive experience representing both individual and institutional investors in securities class action suits, and has recovered over a billion dollars for its clients. We are ready to assist Florida investors who have sustained losses as a result of A&P’s fraudulent practices. For a free evaluation of your case or to obtain additional information, please fill out the form on the left or CALL TOLL FREE (888) 252-0048.