SAN DIEGO & GREELEY, Colo.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Pilgrim's Pride Corporation (NasdaqGS: PPC) breached their fiduciary duties to shareholders by colluding with several of its industry peers to fix prices in the broiler chicken market. Pilgrim's Pride 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.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/pilgrims-pride-corporation-may-17
Pilgrim's Pride Reportedly Engaged in a Scheme to Inflate Broiler Chicken Prices
On September 2, 2016, food distributor Maplevale Farms, Inc. filed an antitrust class action complaint (the "Maplevale Action") against Pilgrim's Pride in the U.S. District Court for the Northern District of Illinois. The complaint alleged that Pilgrim's Pride and several other companies had conspired since 2008 to manipulate the prices of broiler chickens by coordinating and limiting production and exchanging detailed information about prices, capacity, and sales volume in violation of the Sherman Act. The complaint accused the companies of colluding to keep the price of broiler chickens artificially high by exporting hatching eggs to Mexico and other foreign countries to reduce the supply of broiler chickens in the U.S. and increase the price of broiler chickens in the U.S. Pilgrim's Pride's unlawful conspiracy has subjected the company to significant liability under the antitrust laws.
According to a recent report, Florida's attorney general sought information from Pilgrim's Pride regarding a probe into possible anticompetitive behavior. The probe relates to allegations made in civil lawsuits, such as the Maplevale Action, that Pilgrim's Pride and other chicken processors conspired to fix prices.
Pilgrim's Pride Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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