Pilgrim’s Pride Corporation Class Action Lawsuit
- Company Name
- Pilgrim’s Pride Corporation
- Stock Symbol
- Class Period
- February 9, 2017 to June 3, 2020
- District of Colorado
The Pilgrim’s Pride Corporation class action lawsuit charges Pilgrim’s Pride and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Pilgrim’s Pride common stock between February 9, 2017 and June 3, 2020, inclusive (the “Class Period”). The Pilgrim’s Pride class action lawsuit was commenced on July 6, 2020 in the District of Colorado and is captioned United Food and Commercial Workers International Union Local 464A v. Pilgrim’s Pride Corporation, No. 20-cv-01966.
Pilgrim’s Pride is one of the largest chicken producers in the United States.
The Pilgrim’s Pride class action lawsuit alleges that defendants made materially false and/or misleading statements, as well as failed to disclose that: (1) Pilgrim’s Pride 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) Pilgrim’s Pride received competitive advantages, which persisted throughout the Class Period, from its anticompetitive conduct; and (3) as a result, defendants’ statements about Pilgrim’s Pride’s business, operations, and prospects lacked a reasonable basis.
On June 3, 2020, the U.S. Department of Justice announced criminal charges against two of Pilgrim’s Pride’s high level executives (including its current Chief Executive Officer) and two other executives in the chicken industry, alleging that they and other unnamed co-conspirators 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. On this news, the price of Pilgrim’s Pride common stock fell more than 12%.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.