San Diego, CA -- (SBWIRE) -- 11/29/2016 -- An investigation was announced on behalf of food distributors, who purchased chicken from Pilgrim's Pride Corporation and other poultry producers from as early as January 2008 to present, who might have been harmed by an alleged conspiracy by certain poultry producers to fix chicken prices.
Those food distributors, who purchased chicken from Pilgrim's Pride Corporation and other poultry producers, have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
On September 2, 2016, food distributor Maplevale Farms, Inc. filed an antitrust class action complaint in U.S. District Court for the Northern District of Illinois against several poultry producers, including Pilgrim's Pride Corporation, alleging that Pilgrim's Pride Corporation and the other companies named in the complaint had conspired since 2008 to manipulate the prices of broiler chicken in violation of the Sherman Antitrust Act.
Between September 7, 2016 and October 7, 2016, seven more class action complaints were filed against Pilgrim's Pride and other poultry companies in the Northern District of Illinois, on behalf of individual consumers and indirect purchasers of broiler chickens, all alleging that certain industry peers had engaged in the price-manipulation scheme described in Maplevale Farms, Inc's complaint.
On October 7, 2016, Pivotal Research downgraded Tyson Foods, Inc. from "Hold" to "Sell." Explaining the downgrade, analyst Timothy Ramey directed investors' attention to the allegations of price manipulation by Pilgrim's Pride, Tyson Foods, Inc., and their industry peers and described the Maplevale Farms, Inc complaint as "powerfully convincing."
On October 20, 2016, a securities class action lawsuit was filed against Pilgrim's Pride Corporation over alleged securities laws violations. The plaintiff claims that between February 21, 2014 and October 6, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pilgrim's Pride systematically colluded with several of its industry peers to fix prices in the market for broiler chickens (i.e., chickens raised specifically for meat production); (ii) the foregoing conduct constituted a violation of federal antitrust laws; (iii) consequently, Pilgrim's Pride's revenues during the class period were the result of illegal conduct; and (iv) as a result of the foregoing, Pilgrim's Pride's public statements were materially false and misleading at all relevant times.
Those food distributors, who purchased chicken from Pilgrim's Pride Corporation and other poultry producers, have certain options and should contact the Shareholders Foundation.
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