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Lawsuit accuses SuperValu of misleading investors

A lawsuit accuses SuperValu of misleading investors this spring in order to refinance $1 billion in debt, the Pioneer Press is reporting. The company declined to comment to the newspaper about the litigation, which was filed Monday in New York.

The suit, which is seeking class-action status, says the grocery chain issued “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.”

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