SUPERVALU INC. Former Employee Alert: ERISA Investigation

If you a former or current employee or are a member of any of SUPERVALU’s investment plans or profit sharing retirement plans and purchased or held SUPERVALU INC. (Public, NYSE:SVU) shares or have information relating to this investigation, you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Company Name(s):

SUPERVALU

Affected Securities:

NYSE: SVU

An investigation on behalf of former and current employees of SUPERVALU INC. (Public, NYSE:SVU) concerning potential Employee Retirement Income Security Act (“ERISA”) Breach of Fiduciary Duty was announced.

SUPERVALU INC. (SVU) has been accused of securities fraud and according to an investigation by a law firm under ERISA employees (former and current) of SUPERVALU INC. (Public, NYSE:SVU) may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them. An investor has filed a lawsuit on behalf of SUPERVALU INC. (Public, NYSE:SVU) investors, who purchased common stock of Supervalu Inc. (NYSE:SVU) during the period from April 23, 2009 through June 23, 2009, alleging that SUPERVALU INC ”disseminated unreasonable highly positive guidance for the Company's financial performance for fiscal 2010, in order to close a $1 billion note offering in May 2009.

Indeed, positive guidance on April 23 generated such interest in the Company it was able to offer $500 million in new notes and almost immediately increased the offering to $1 billion”. Then on May 7, 2009, Supervalu Inc announced the completion of its $1 billion note offering, which was needed to refund existing outstanding indebtedness of Supervalu Inc which was shortly coming due. Then, after the refinancing was complete, on June 24, 2009, so lawsuit, Supervalu Inc revealed that first quarter 2010 earnings would be substantially below expectations, and that the previous guidance would be updated, and as a result, Supervalu shares dropped almost 12% on very heavy trading volume.

Shares of Supervalu Inc. (NYSE:SVU) closed on June 23, 2009 before the announcement at over $16 per share and dropped on June 24, 2009 to $13.60 per share. Shares of Supervalu Inc. (NYSE:SVU) reached a 52weekHigh of $32.89 per share, $ 35.31 in May 2008, and over $48 per share in 2007. SUPERVALU INC reported $44.048billion in Total Revenue with a net income of $ 593million in 2007 and a Total Revenue of $44.564billion in 2008. Shares of SuperValu traded recently at $12.82 per share, down from its 52weekHigh of $20.38 per share, over $35 per share in 2008, and almost $50 per share in 2007.