DALLAS--(BUSINESS WIRE)--
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Pilgrim’s Pride Corporation (“Pilgrim’s Pride”) (NASDAQ: PPC) and several officers and directors for acts taken during the period of February 21, 2014 to October 6, 2016 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Pilgrim’s Pride. If you are an affected Pilgrim’s Pride shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at [email protected], Patrick Powers at Powers Taylor LLP via email at [email protected], or call toll free at (877) 728-9607. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants failed to disclose that: (1) Pilgrim’s Pride systematically colluded with several of its industry peers to fix prices in the market for broiler chickens in violation of federal antitrust laws; (2) its revenues during the class period were the result of illegal conduct; and (3) as a result of the above, the Company’s public statements were materially false and misleading at all relevant times. On October 7, 2016, Pivotal Research downgraded its peer company Tyson Foods, Inc. from “buy” to “sell,” due to apprehensions about a class action against Tyson Foods, Pilgrim’s Pride, and other industry peers over price collusion in the broiler-chicken market. Allegedly, in 2008, Tyson Foods, Pilgrim's Pride, and several other companies conspired by sharing proprietary data and reducing production to support prices. Pilgrim’s Pride stock dropped significantly immediately following this announcement.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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