619-342-8000San Diego – (Businesswire): Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether certain directors and officers of Pilgrim’s Pride Corporation (“Pilgrim’s Pride”) (NYSE: PPC) breached their fiduciary duties to Pilgrim’s Pride and its shareholders.
Haeggquist & Eck is investigating whether members of Pilgrim’s Pride’s Board of Directors (“Board”) made false and/or misleading statements or failed to disclose material adverse facts, about Pilgrim’s Pride’s business, operations, prospects, and financial health. Specifically, Haeggquist & Eck is investigating whether the Board failed to disclose: (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 during the Class Period, from its anticompetitive conduct; and (3) as a result, statements about the Pilgrim’s Pride’s business, operations, and prospects lacked a reasonable basis.
On June 3, 2020, the United States Department of Justice charged four executives in the chicken industry with criminal antitrust violations. The indictment alleged these individuals violated the Sherman Act by “participating in a continuing network of suppliers and co-conspirators, an understood purpose of which was to suppress and eliminate competition through rigging bids and fixing prices and price-related terms for broiler chicken products sold in the United States.”
On this news, the price of Pilgrim’s Pride common stock declined $2.58 per share, or approximately 12.4%, from a close of $20.87 per share on June 2, 2020, to close at $18.29 per share on June 3, 2020.
What You Can Do
If you are a Pilgrim’s Pride shareholder, you may have legal claims against its directors and officers. If you wish to discuss this investigation, or have questions about your legal rights, please contact attorney Amber Eck at 619-342-8000 or e-mail her at ambere@haelaw.com. There is no cost or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law representing individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do not guarantee a similar outcome.
Contact:
Haeggquist & Eck, LLP
619-342-8000
Amber Eck, ambere@haelaw.com
