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MINNEAPOLIS - At least two law firms on Friday filed class-action shareholder lawsuits against Supervalu, alleging that the retailer/wholesaler employed improper accounting practices that led to its recent earnings restatement.
Supervalu earlier this month took a charge of $17.6 million and restated its earnings for the past three years to reflect accounting errors in a pharmacy subsidiary.
Shiffrin & Barroway, Bala Cynwyd, Pa., and Cauley Geller Bowman & Coates, Little Rock, Ark., filed the suits in U.S. District Court for the District of Minnesota.
Supervalu said in a prepared statement that it believes the lawsuits are without merit and that it "intends to vigorously defend the actions."