Energy News / Shareholders Foundation, Inc.

NASDAQ:PPC Investor Alert: Update in Lawsuit Against Pilgrim's Pride Corporation

Via: ReleaseWire

Updated 12:15 PM CST, Wed, January 10,2018

A lawsuit is pending on behalf of investors in Pilgrim’s Pride Corporation (NASDAQ:PPC) shares over alleged securities laws violations and NASDAQ:PPC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com

San Diego, CA -- (SBWIRE) -- 01/10/2018 -- The Shareholders Foundation announces that a lawsuit is pending for certain investors, who purchased shares of Pilgrim's Pride Corporation (NASDAQ:PPC).

Investors who purchased shares of Pilgrim's Pride Corporation (NASDAQ:PPC) have certain options and investors should contact the Shareholders Foundation at mail@shareholdersfoundation.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 Pilgrim's Pride and several other poultry producers, including Tyson Foods, Inc., alleging that Pilgrim's Pride 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 Pilgrim's Pride and its 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 lawsuit was filed against Pilgrim's Pride Corporation over alleged securities laws violations. The plaintiff claims that 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. On May 11, 2017 an amended complaint was filed and on June 12, 2017, the defendants filed their motion to dismiss the case.

On November 20, 2017, a judge ruled that Pilgrim's Pride must face most claims in a major antitrust lawsuit filed against the company by food distributor Maplevale Farms, Inc. in the U.S. District Court for the Northern District of Illinois.

Those who purchased shares of Pilgrim's Pride Corporation (NASDAQ:PPC) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/nasdaqppc-investor-alert-update-in-lawsuit-against-pilgrims-pride-corporation-913819.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com