OKLAHOMA CITY (FNS) -- Six investor lawsuits claiming Fleming Cos. here did not disclose the David's Supermarkets lawsuit and owes damages for plunging stock prices are slated to be combined in federal district court here later this summer.
"We would anticipate they would be combined into one suit," said Shane Boyd, a Fleming spokesman. "It doesn't affect the depth, breadth or impact of the suit because they essentially cover the same class and have the same claims over the same period of time."
All the suits have been filed since mid-March, when Fleming was slapped with a $211 million Texas jury verdict in the fraud and breach-of-contract suit brought by David's, Grandview, Texas. After the verdict, Fleming's stock prices fell about 25% and investors claimed they should have been alerted about the suit in documents filed with the Securities and Exchange Commission. Fleming says it met disclosure requirements. Although damages have not been calculated, attorneys said Fleming might have to pay substantial damages to thousands of shareholders. A bondholder suit also was filed.
The last two shareholder suits were filed in the U.S. District Court, Western District of Oklahoma, in the past two weeks.