Sign In
Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
HRL.US
id: 972

Hormel Foods (HRL) Negative Long-Term Forecast Update Case

  • In Oct, Hormel updated its strategic priorities long-term forecast, reducing projected sales growth and EPS .
  • On it, $HRL fell 9.8%, losing $1.95B+ of shareholder value.
  • Investors may have grounds to suspect Hormel of problems with its planning and budgeting systems.
On October 12, 2023, the United Food and Commercial Workers International Union announced workers for Hormel in several states ratified a new labor contract with "the largest wage increases in the company's history."

On that day, at an investor event Hormel issued financial targets reflecting ”updated strategic priorities” and updated its long-term forecast of sales growth, and long-term EPS growth.

On this news, $HRL fell 9.8% and lost over $1.95 billion of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that Hormel Foods and its executives failed to timely disclose the information that caused downward adjustments in long-term projections, which consequently led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
12 October 2023
Collecting participants…

Hormel Foods Corporation

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internation...

    Ticker
    HRL.US
    ISIN
    US4404521001
    CIK
    48465
    Sector
    Consumer Defensive
    Industry
    Packaged Foods
    Country
    USA
    Address
    1 Hormel Place, Austin, MN, United States, 55912-3680