LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Hormel Foods Corporation (“Hormel” or the “Company”) (NYSE: HRL) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On October 12, 2023, the United Food and Commercial Workers International Union announced workers for Hormel in Minnesota, Georgia, Wisconsin and Iowa voted to ratify a new labor contract that includes “the largest wage increases in the company’s history.” On that day, Hormel held an investor event and issued its financial targets which “outline[d] updated strategic priorities” and updated its long-term forecast, projecting sales growth in the low-to-mid single digits, and long-term earnings per share growth in the high single digits.
On this news, Hormel’s stock price fell $3.33, or 9.8%, to close at $32.40 per share on October 12, 2023, thereby injuring investors.
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If you purchased Hormel securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
