Shareholder rights law firm Robbins LLP announces that a purchaser of Pilgrim's Pride Corporation (NASDAQ: PPC) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between February 9, 2017 and June 3, 2020. Pilgrim's Pride produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products.
If you suffered a loss as a result of Pilgrim's Pride's misconduct, click here.
Pilgrim's Pride Corporation (PPC) Accused of Misleading Shareholders
According to the complaint, throughout the relevant period, in each of its annual reports Pilgrim's Pride touted that the Company's business strategies, including its broad product portfolio and its disciplined capital allocation, had given Pilgrim's Pride competitive strengths, advantages and market positioning that accelerated the Company's growth. Each of these annual reports attested that the report did not contain "any untrue statement of material fact or omit to state a material fact." However, Pilgrim's Pride failed to disclose that its business strategies also included an illegal antitrust conspiracy to fix prices and rig bids from as early as 2012. Its true business practices were revealed on June 3, 2020, when the U.S. Department of Justice announced that a federal grand jury in the District of Colorado found four chicken industry executives, including Pilgrim's Pride current CEO and two former Vice Presidents, guilty of criminal antitrust violations. The indictment alleged these industry executives “participat[ed] in a continuing network of Suppliers and coconspirators… to suppress and eliminate competition through rigging bids and fixing prices and price-related terms for broiler chicken products sold in the United States.” On this news, Pilgrim's Pride share price fell 12.4% to close at $18.29 per share. The stock continues to decline.
If you purchased Pilgrim's Pride Corporation (PPC) securities between February 9, 2017 and June 3, 2020, you have until September 4, 2020, to ask the court to be appointed lead plaintiff for the class.
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