An investor in NASDAQ:PPC shares filed a lawsuit over alleged Securities Laws violations by Pilgrim’s Pride Corporation in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) have certain options and for certain investors are short and strict deadlines running. Deadline: December 19, 2016. NASDAQ:PPC investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff claims that between February 21, 2014 and October 6, 2016 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.
Pilgrim’s Pride Corporation reported that its Total Revenue declined from over $8.58billion for the 52 weeks period that ended on Dec. 28, 2014 to over $8.18 billion for the 52 weeks period that ended on Dec. 27, 2015 and that its Net Income for those respective time periods declined from $711.65 million to $645.91 million. Shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) grew from $18.67 per share in November 2015 to as high as $26.91 per share in April 2016.
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.” Shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) declined to $19.82 per share on October 7, 2016.
Those who purchased NASDAQ:PPC shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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