An investor has filed a proposed securities class action lawsuit in the United States District Court for the Southern District of New York 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, over alleged violations of the federal securities laws by SUPERVALU INC.

According to the complaint the plaintiff alleges 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. is located in Eden Prairie, MN and is a grocery channel that conducts its retail operations under different banners. Additionally, the Company provides supply chain services, primarily wholesale distribution, across the United States retail grocery channel. SUPERVALU INC. has 178,000 employees and reported $44.048billion in Total Revenue with a net income of $ 593million in 2007 and a Total Revenue of $44.564billion in 2008.