NEW YORK, NY - (NewMediaWire) - August 31, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Pilgrim's Pride Corporation ("Pilgrim's Pride" or the "Company")(NASDAQ:PPC) of the September 4, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Pilgrim's Pride stock or options between February 9, 2017 and June 3, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/PPC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of all those who purchased Pilgrim's Pride common stock between February 9, 2017 and June 3, 2020 (the "Class Period"). The case, United Food and Commercial Workers International Union Local 464A, et al. v. Pilgrim’s Pride Corporation, et al., No. 20-cv-01966 was filed on July 6, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company 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) the Company received competitive advantages, which persisted during the Class Period, from its anticompetitive conduct; and (3) as a result, Defendants’ statements about the Company’s business, operations, and prospects lacked a reasonable basis.
On June 3, 2020, the United States Department of Justice announced a criminal indictment charging four executives in the chicken industry with criminal antitrust violations, including defendant Jayson J. Penn, Pilgrim’s Pride’s President and Chief Executive Officer since March 2019, and Roger Austin, a former Pilgrim’s Pride Vice President. The indictment alleges that these individuals, as well as other co-conspirators, including defendant William W. Lovette, who was Pilgrim’s Pride’s President and Chief Executive Officer from January 2011 to March 2019, 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, Pilgrim's Pride's share price fell from $20.87 per share on June 2, 2020 to a closing price of $18.29 on June 3, 2020: a $2.58 or a 12.36% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Pilgrim's Pride's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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