Pilgrim’s Pride investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, 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. The Company sells its products to foodservice market customers, including chain restaurants, food processors, broad-line distributors, and other institutions; and retail market customers comprising grocery store chains, wholesale clubs, and other retail distributors.
The complaint alleges that Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pilgrim’s Pride systematically colluded with several of its industry peers to fix prices in the broiler-chicken market; (ii) the foregoing conduct constituted a violation of federal antitrust laws; (iii) consequently, Pilgrim’s Pride’s revenues during the class period were the result of illegal conduct; and (iv) as a result of the foregoing, Pilgrim’s Pride’s public statements were materially false and misleading at all relevant times.
According to the complaint, on September 2, 2016, food distributor Maplevale Farms, Inc. (“Maplevale”) filed an antitrust class action complaint against Pilgrim’s Pride, alleging that Pilgrim’s Pride and other companies named in the complaint had conspired since 2008 to manipulate the prices of broiler chickens - chickens raised specifically for meat production. Between September 7, 2016 and October 7, 2016, seven additional class action complaints were filed against Pilgrim’s Pride and other poultry companies on behalf of individual consumers and indirect purchasers of broiler chickens, all alleging that Pilgrim’s Pride had engaged in the price-manipulation scheme described in Maplevale’s complaint.
Then, on October 7, 2016, Pivotal Research (“Pivotal”) downgraded Pilgrim’s Pride from “Hold” to “Sell.” Explaining the downgrade, analyst Timothy Ramey directed investors’ attention to the allegations of price manipulation by Pilgrim’s Pride and its industry peers and described the Maplevale complaint as “powerfully convincing.” Following this news, Pilgrim’s Pride’s share price fell $0.95, or 4.5%, to close at $20.16 on October 7, 2016
If you are a member of the class described above, you may no later than December 19, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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