Kessler Topaz Meltzer & Check, LLP Files a Shareholder Class Action Lawsuit Against Pilgrim’s Pride Corporation for Violations of Federal Securities Laws

Nachrichtenquelle: Business Wire (engl.)
07.07.2020, 02:03  |  143   |   |   

The law firm of Kessler Topaz Meltzer & Check, LLP announces that the firm has filed a securities fraud class action lawsuit against Pilgrim’s Pride Corporation (Nasdaq:PPC) (“Pilgrim’s Pride”) on behalf investors who purchased or acquired Pilgrim’s Pride common stock between February 9, 2017, and June 3, 2020, inclusive (the “Class Period”). This action, captioned United Food and Commercial Workers International Union Local 464A, et al. v. Pilgrim’s Pride Corporation, et al., Case No. 1:20-cv-01966, was filed in the United States District Court for the District of Colorado.

Important Deadline Reminder: Investors who purchased or otherwise acquired Pilgrim’s Pride common stock during the Class Period may, no later than September 4, 2020, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please visit https://www.ktmc.com/pilgrims-pride-class-action?utm_source=PR&utm ....

The Class Period commences on February 9, 2017, when Pilgrim’s Pride filed its annual report for the year ended December 31, 2016, with the SEC on a Form 10-K that touted Pilgrim’s Pride’s “competitive strengths” and advantages regarding its market position in the chicken industry. It further represented that Pilgrim’s Pride’s “full-line product capabilities, high-volume production capacities, research and development expertise and extensive distribution and marketing experience are competitive strengths compared to smaller and non-vertically integrated producers.”

Throughout the Class Period, the defendants continued to tout Pilgrim’s Pride’s competitive strengths, advantages, and market positioning, which the defendants claimed had been achieved through legitimate business strategies such as a broad product portfolio and disciplined capital allocation. However, on June 3, 2020, the truth about the source of Pilgrim’s Pride’s purported competitive strengths and advantages was revealed when the United States Department of Justice announced criminal charges (the “Indictment”) charging four executives in the chicken industry with criminal antitrust violations, including defendant Jayson J. Penn, Pilgrim’s Pride’s President and Chief Executive Officer since March 2019, and Roger Austin, a former Pilgrim’s Pride Vice President. The Indictment alleges that these individuals, as well as other co-conspirators, including defendant William W. Lovette, who was Pilgrim’s Pride’s President and Chief Executive Officer from January 2011 to March 2019, violated the Sherman Act by “participating in a continuing network of suppliers and co-conspirators, an understood purpose of which was to suppress and eliminate competition through rigging bids and fixing prices and price-related terms for broiler chicken products sold in the United States.”

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