SAN FRANCISCO--(BUSINESS WIRE)--
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Tyson Foods, Inc. (“Tyson Foods” or the “Company”) (NYSE: TSN) between November 23, 2015 and October 7, 2016, inclusive (the “Class Period”).
If you purchased or acquired Tyson Foods securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 16, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Tyson Foods investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Tyson Foods Securities Class Litigation
Tyson Foods, a Delaware Corporation with principal executive offices in Arkansas, operates together with its subsidiaries as a food company worldwide.
The action alleges that throughout the Class Period, defendants made materially false and/or misleading statements, and/or failed to disclose that: (i) Tyson Foods 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, Tyson Foods’ Chicken segment revenues during the Class Period were the result of illegal conduct; and (iv) Tyson Foods lacked effective internal control over financial reporting.
On September 2, 2016, food distributor Maplevale Farms, Inc. (“Maplevale”) filed an antitrust class action complaint against Tyson Foods and several other poultry producers, alleging that the companies had conspired since 2008 to manipulate the prices of broiler chickens by coordinating and limiting production and exchanging detailed information about prices, capacity, and sales volume, in violation of the Sherman Antitrust Act.
On October 7, 2016, Pivotal Research (“Pivotal”) downgraded Tyson Foods from Hold to Sell based on Maplevale’s allegations that Tyson Foods and its industry peers engaged in price manipulation. On this news, Tyson Foods’s common stock price fell $6.63 per share, or 8.91%, from a closing price of $74.38 on October 6, 2016, to close at $67.75 per share on October 7, 2016, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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