NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Pilgrim’s Pride Corporation (NASDAQ: PPC) between February 9, 2017 and June 3, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Pilgrim’s Pride investors under the federal securities laws.
To join the Pilgrim’s Pride class action, go to http://www.rosenlegal.com/cases-register-1869.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
Throughout the Class Period, the defendants continued to tout 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. The Indictment alleges that these individuals, as well as other co-conspirators, including defendant William W. Lovette, who was Pilgrim’s Pride’s President and Chief Executive Officer from January 2011 to March 2019, violated the Sherman Act by "participating in a continuing network of suppliers and co-conspirators, an understood purpose of which was to suppress and eliminate competition through rigging bids and fixing prices and price-related terms for broiler chicken products sold in the United States."
The Indictment further alleged that in order to further the conspiracy, the individuals utilized their network of suppliers and co-conspirators from at least as early as 2012 and continuing through at least early 2017 to: "reach agreements and understandings to submit aligned, though not necessarily identical, bids and to offer aligned, though not necessarily identical, prices, and price-related terms, including discount levels"; "participate in conversations and communications relating to non-public information such as bids, prices, and price-related terms, including discount levels, . . . with the shared understanding that the purpose of the conversations and communications was to rig bids, and to fix, maintain, stabilize, and raise prices and other price-related terms, including discount levels"; and "monitor bids submitted by, and prices and price-related terms, including discount levels, offered by, Suppliers and co-conspirators."
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, and prospects, were materially misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 4, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1869.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.