US food retailer and distributor Nash Finch has announced that the US District Court for the District of Minnesota has dismissed the securities class action lawsuit filed against the company and certain of its executive officers in June 2003.
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The lawsuits, which consolidated eight separate class actions previously filed in late 2002 and early 2003, alleged that the defendants violated the Securities Exchange Act of 1934 by allegedly issuing false statements about the company’s business and financial results in connection with vendor promotions.
In addition, Nash Finch said the consolidated shareholder derivative actions that were filed in Minnesota state court against Nash Finch’s board of directors and certain officers have also been dismissed. The derivative actions arose out of the same set of allegations as the federal action. The dismissals are subject to appeal.
