NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of investors that purchased Pilgrim’s Pride Corporation (NASDAQ: PPC) common stock between February 9, 2017 and June 3, 2020 (the “Class Period”). Investors have until September 4, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Throughout the Class Period, the defendants touted Pilgrim’s Pride’s competitive strengths, advantages, and market positioning, which the defendants claimed had been achieved through legitimate business strategies such as a broad product portfolio and disciplined capital allocation.
However, on June 3, 2020, the truth about the source of Pilgrim’s Pride’s purported competitive strengths and advantages was revealed when the United States Department of Justice announced criminal charges (the “Indictment”) charging four executives in the chicken industry with criminal antitrust violations, including defendant Jayson J. Penn, Pilgrim’s Pride’s President and Chief Executive Officer since March 2019, and Roger Austin, a former Pilgrim’s Pride Vice President.
Following this news, the price of Pilgrim’s Pride common stock declined $2.58 per share, or approximately 12.4%, from a close of $20.87 per share on June 2, 2020, to close at $18.29 per share on June 3, 2020.
The complaint, filed on July 6, 2020, alleges that throughout the Class Period the defendants made false and/or misleading statements and/or failed to disclose that: (1) Pilgrim’s Pride and its executives had participated in an illegal antitrust conspiracy to fix prices and rig bids from at least as early as 2012 and continuing through at least early 2017; (2) Pilgrim’s Pride received competitive advantages, which persisted during the Class Period, from its anticompetitive conduct; and (3) as a result, the defendants’ statements about the Pilgrim’s Pride’s business, operations, and prospects lacked a reasonable basis.
If you purchased Pilgrim’s Pride common stock during the Class Period, are a long-term stockholder, have information, 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 Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.