LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Pilgrim's Pride Corporation ("Pilgrim’s Pride" or the "Company") (NASDAQ: PPC) securities between February 9, 2017, and June 3, 2020, inclusive (the “Class Period”). Pilgrim’s Pride investors have until September 4, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On June 3, 2020, The Wall Street Journal reported that Pilgrim’s Pride’s Chief Executive Officer and others had been indicted "for allegedly conspiring to fix prices on chickens sold to restaurants and grocery stores."
On this news, the Company's share price fell $2.58, or more than 12%, to close at $18.29 per share on June 3, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company 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) that the Company received competitive advantages, which persisted during the Class Period, from its anticompetitive conduct; and (3) as a result, Defendants’ statements about the Company’s business, operations, and prospects lacked a reasonable basis.
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If you purchased Pilgrim’s Pride securities during the Class Period, you may move the Court no later than September 4, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Pilgrim’s Pride 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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