Kansas City, Mo. — Shareholders of American Italian Pasta have filed a third class-action lawsuit, claiming officials lied about the health of the company to unfairly inflate stock values.
The suit, filed in U.S. District Court in Kansas City, names current officers and a former officer.
The lawsuit came after the Kansas City, Mo.-based pasta maker announced it would delay the release of third-quarter earnings as an internal investigation looked into possible accounting lapses.
After the Aug. 9 disclosure, founder and former chief executive officer Richard Thompson announced he was resigning from the company's board. No reason was given for Thompson's resignation. He is president and chief executive of The Meow Mix Co. in Secaucus, N.J.
The company also has warned that it expected to record $60.7 million in impairment and other charges during the third quarter and, combined with other factors, said it would not meet earnings guidance for the year.
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