BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of Pilgrim’s Pride Corporation (“Pilgrim”) or the “Company”) (NASDAQ: PPC) concerning the Company and its officers’ possible violations of federal securities laws.
Pilgrim engages in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators in the United States, Mexico and Puerto Rico.
On October 7, 2016, Pivotal Research issued a report downgrading Pilgrim’s peer Tyson Foods, Inc. ("Tyson") to "sell" from "buy," primarily due to concerns about a price collusion class action in the broiler-chicken market that named Tyson and Pilgrim as defendants. According to the complaint, beginning in 2008, Tyson, Pilgrim and other companies in the industry colluded by sharing proprietary data and reducing production to support prices.
On this news, Pilgrim stock fell over 6% during intraday trading on October 7, 2016.
If you purchased Pilgrim securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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