NEW YORK, Oct. 21, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Pilgrim’s Pride Corporation (“Pilgrim’s Pride” or the “Company”) (Nasdaq: PPC ) in the United States District Court for the District of Colorado on behalf of purchasers of common stock of Pilgrim’s Pride between February 21, 2014 and October 6, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, 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 September 2, 2016, food distributor Maplevale Farms, Inc. filed an antitrust lawsuit against Pilgrim’s Pride and other poultry producers, including Tyson Foods, Inc. (“Tyson”), alleging that Pilgrim’s Pride and the other companies named in the complaint had conspired since 2008 to manipulate the prices of broiler chickens. Additionally, on October 7, 2016, Pivotal Research downgraded Tyson from “Hold” to “Sell.” Explaining the downgrade, analyst Timothy Ramey directed investors’ attention to the allegations of price manipulation by Pilgrim’s Pride, Tyson, and their industry peers and described the lawsuit as “powerfully convincing.”
On this news, the Company’s share price fell from $21.11 per share on October 6, 2016 to a closing price of $20.16 on October 7, 2016—a $0.95 or a 4.5% drop.
If you wish to serve as lead plaintiff, you must move the Court no later than December 19, 2016 . A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com .
Please visit our website at http://www.gme-law.com for more information about the firm.
