The Shareholders Foundation announced that an investor in NASDAQ:SAFM shares filed a lawsuit in the over alleged violations of Federal Securities Laws by Sanderson Farms, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Sanderson Farms, Inc. (NASDAQ:SAFM) have certain options and for certain investors are short and strict deadlines running. Deadline: December 27, 2016. NASDAQ:SAFM investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff claims that between December 17, 2013 and October 6, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that Sanderson Farms systematically colluded with several of its industry peers to fix prices in the broiler-chicken market, that the foregoing conduct constituted a violation of federal antitrust laws, that consequently, Sanderson Farms’ revenues during the Class Period were the result of illegal conduct, and that as a result of the foregoing, Sanderson Farms’ public statements were materially false and misleading at all relevant times.
Sanderson Farms, Inc. reported that its Total Revenue rose from over $2.77 billion for the 12 months period that ended on October 31, 2014 to over $2.8 billion for the 12 months period that ended on October 31, 2015 while its Net Income for those respective time periods declined from $249.05 million to $216 million.
On September 2, 2016, the market had its first taste of Defendants’ fraud, when Maplevale Farms, Inc. filed an antitrust class action complaint in U.S. District Court for the Northern District of Illinois against Sanderson Farms and several other poultry producers, including Tyson Foods, Inc., Pilgrim’s Pride Corporation, and Perdue Farms, Inc., alleging that Sanderson Farms and the other companies named in the complaint had conspired since 2008 to manipulate the prices of broiler chickens in violation of the Sherman Antitrust Act, 15 U.S.C. §§ 1-7 (the “Sherman Act”).
Other antitrust lawsuits quickly followed.
On October 7, 2016, Pivotal Research downgraded the Company’s peer, Tyson Foods, Inc. from “buy” to “sell,” noting apprehensions about a “powerfully convincing” class action against Tyson Foods, Inc, Sanderson Farms, Inc, 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 Foods, Inc, Sanderson Farms, Inc, and several other companies conspired by sharing proprietary data and reducing production to support prices. Shares of Sanderson Farms, Inc. (NASDAQ:SAFM) declined on October 7, 2016 to as low as $86.75 per share, respectively to as low as $85.25 per share on October 27, 2016.
Those who purchased NASDAQ:SAFM shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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