BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Tyson Foods, Inc. (“Tyson” or the “Company”) (NYSE: TSN) securities between March 13, 2020 and December 15, 2020, inclusive (the “Class Period”). Tyson investors have until April 5, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Tyson investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On December 15, 2020, the New York City Comptroller, Scott M. Stringer, issued a letter to the U.S. Securities and Exchange Commission (“SEC”) calling for an investigation into Tyson’s failures to carry out its stated coronavirus protection policies. The letter stated that Tyson’s steps “to protect employees were grudging and minimal, such as letting workers use bandanas or sleep masks.” The Company also “penaliz[ed] workers who take sick leave to avoid contact with any exposed workers” and, “as of December 3, 2020, Tyson ha[d] the highest number of COVID-19 cases of any company in the meatpacking industry [and] twice as many deaths as any other meatpacking company.”
On this news, the Company’s stock price fell $1.78 per share, or 2.5%, to close at $68.25 per share on December 15, 2020, thereby damaging 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 that: (1) Tyson knew, or should have known, that the highly contagious coronavirus was spreading throughout the globe; (2) Tyson did not in fact have sufficient safety protocols to protect its employees in its facilities; (3) as a result, Tyson employees contracted and spread the coronavirus within the facilities; (4) as a result of the foregoing, Tyson would face negative impact to its production, including complete shutdowns of certain facilities; (5) due to the failure to protect its employees, Tyson would suffer financial harm related to its lowered production; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Tyson 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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