NEW YORK, Oct. 21, 2016 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Pilgrim’s Pride Corporation (“Pilgrim’s Pride” or the “Company”) (NASDAQ:PPC) of the December 19, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of all those who purchased Pilgrim’s Pride securities between February 21, 2014 and October 6, 2016 (the “Class Period”). The case, Hogan v. Pilgrim’s Pride Corporation et al, No. 1:16-cv-02611 was filed on October 20, 2016, and has been assigned to Magistrate Judge Kathleen M. Tafoya.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Pilgrim’s Pride colluded with industry peers to fix prices in the broiler-chicken market; (ii) this misconduct 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, the Company’s public statements were materially false and misleading at all relevant times.
Specifically, on September 2, 2016, food distributor Maplevale Farms, Inc. filed an antitrust lawsuit against Pilgrim’s Pride and other poultry producers, including Tyson Foods, Inc. (“Tyson”), alleging that Pilgrim’s Pride and the other companies named in the complaint had conspired since 2008 to manipulate the prices of broiler chickens. Additionally, on October 7, 2016, Pivotal Research downgraded Tyson from “Hold” to “Sell.” Explaining the downgrade, analyst Timothy Ramey directed investors’ attention to the allegations of price manipulation by Pilgrim’s Pride, Tyson, and their industry peers and described the lawsuit as “powerfully convincing.”
On this news, the Company’s share price fell from $21.11 per share on October 6, 2016 to a closing price of $20.16 on October 7, 2016—a $0.95 or a 4.5% drop.
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If you invested in Pilgrim’s Pride common stock or options between February 21, 2014 and October 6, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/PPC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Pilgrim’s Pride’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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