NEW YORK, Dec. 16, 2016 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Pilgrim's Pride Corporation (“Pilgrim’s Pride” or the “Company”) (NASDAQ: PPC ) and certain of its officers, on behalf of shareholders who purchased Pilgrim’s Pride securities between February 21, 2014 and October 6, 2016 inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
Pilgrim’s Pride is a Brazilian-owned, American food company, currently the largest chicken producer in the United States and Puerto Rico and the second-largest chicken producer in Mexico. The company produces, processes, markets, and distributes fresh, frozen, and value-added chicken products to retailers, distributors, and foodservice operators.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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); (2) the foregoing conduct constituted a violation of federal antitrust laws; (3) consequently, Pilgrim’s Pride’s revenues during the class period were the result of illegal conduct; and (4) 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, the public was alerted to Defendants’ fraud, when food distributor Maplevale Farms, Inc. (“Maplevale”) filed an antitrust class action complaint against Pilgrim’s Pride and several other poultry producers, including Tyson Foods, Inc. (“Tyson”) in U.S. District Court for the Northern District of Illinois. The complaint alleged that Pilgrim’s Pride and the other companies named in the complaint had schemed since 2008 to manipulate broiler chicken prices of in violation of the Sherman Antitrust Act.
From September 7, 2016 through October 7, 2016, seven more class action complaints were filed against Pilgrim’s Pride and other poultry companies in the Northern District of Illinois. These complaints were on behalf of individual consumers and indirect purchasers of broiler chickens, similarly alleging that Pilgrim’s Pride and had manipulated the price described in Maplevale’s complaint.
On October 7, 2016, Pivotal Research downgraded the Company’s peer, Tyson Foods, Inc. (“Tyson”) from “buy” to “sell,” noting apprehensions about a "powerfully convincing" class action against Tyson, Pilgrim’s Pride, and some of its industry peers as defendants, alleging price collusion in the broiler-chicken market. The complaint alleges that at the beginning of 2008, Tyson, Pilgrim’s Pride, and several other companies conspired by sharing proprietary data and reducing production to support prices. Following this news, Pilgrim’s Pride stock dropped $0.95 per share, or 4.5%, to close at $20.16 on October 7, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/ppc or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com . Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Pilgrim’s Pride you have until December 19, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
