Tyson Foods, Inc. Class Action Lawsuit
- Company Name
- Tyson Foods, Inc.
- Stock Symbol
- Class Period
- March 13, 2020 to December 15, 2020
- Motion Deadline
- April 3, 2021
- Eastern District of New York
The Tyson Foods, Inc. class action lawsuit charges Tyson Foods and certain of its executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Tyson Foods publicly traded securities between March 13, 2020 and December 15, 2020, inclusive (the “Class Period”). The Tyson Foods class action lawsuit was commenced on February 2, 2021 in the Eastern District of New York and is captioned Guo v. Tyson Foods, Inc., No. 21-cv-00552.
Tyson Foods is purportedly the largest U.S. producer of processed chicken, beef, pork, and protein-based products.
The Tyson Foods class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Tyson Foods knew, or should have known, that the highly contagious coronavirus was spreading throughout the globe; (2) Tyson Foods did not in fact have sufficient safety protocols to protect its employees in its facilities; (3) as a result, Tyson Foods employees contracted and spread the coronavirus within the facilities; (4) as a result of the foregoing, Tyson Foods would face negative impact to its production, including complete shutdowns of certain facilities; (5) due to the failure to protect its employees, Tyson Foods would suffer financial harm related to its lowered production; and (6) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
On December 15, 2020, New York City Comptroller Scott M. Stringer called on the U.S. Securities and Exchange Commission (“SEC”) to open an investigation into Tyson Foods. In his letter to the SEC, Comptroller Stringer described Tyson Foods’s various failures to carry out its stated coronavirus protection policies, such as “the steps Tyson eventually took to protect employees were grudging and minimal, such as letting workers use bandanas or sleep masks, which function poorly as protective devices” and that “as of December 3, 2020 Tyson has the highest number of COVID-19 cases of any company in the meatpacking industry, more than three times as many cases as the next company.” On this news, the price of Tyson Foods shares fell, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Tyson Foods securities during the Class Period to seek appointment as lead plaintiff in the Tyson Foods class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Tyson Foods class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Tyson Foods class action lawsuit. An investor’s ability to share in any potential future recovery of the Tyson Foods class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Tyson Foods class action lawsuit or have questions concerning your rights regarding the Tyson Foods class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the Tyson Foods class action lawsuit must be filed with the court no later than April 5, 2021.
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.