SHAREHOLDER ALERT: Lundin Law PC Announces Securities Class Action Lawsuit against Pilgrim’s Pride Corporation and Encourages Investors with Losses to Contact the Firm
LOS ANGELES, CA / ACCESSWIRE / October 31, 2016 / Lundin Law PC , a shareholder rights firm, announces a class action lawsuit against Pilgrim’s Pride Corporation (“Pilgrim’s Pride” or the “Company”) (NASDAQ: PPC) concerning possible violations of federal securities laws between February 21, 2014 and October 6, 2016 inclusive (the “Class Period”). Investors, who purchased or otherwise acquired shares during the Class Period, are encouraged to contact the firm in advance of the December 19, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the complaint, Pilgrim’s Pride made false and/or misleading statements and/or failed to disclose that: the Company systematically colluded with several of its industry peers to fix prices in the market for broiler chickens; that the foregoing conduct constituted a violation of federal antitrust laws; that Pilgrim’s Pride revenues during the class period were the result of illegal conduct; that as a result of the above, the Company’s public statements were materially false and misleading at all relevant times. On October 7, 2016, Pivotal Research downgraded its peer company Tyson Foods, Inc. from “buy” to “sell,” due to fears of a class action against Tyson Foods, Pilgrim’s Pride other peers over price collusion in the broiler-chicken market. Allegedly, in 2008, Tyson Foods, Pilgrim’s Pride, and several other companies conspired by sharing proprietary data and reducing production to support prices.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE: Lundin Law PC