NEW YORK, Oct. 21, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds
investors that a class action lawsuit has been filed against
Pilgrim's Pride Corporation ("Pilgrim's Pride" or the "Company")
(NASDAQ: PPC) and certain of its officers, on behalf of
shareholders who purchased Pilgrim's Pride securities between
February 21, 2014 and
October 6, 2016 inclusive (the "Class
Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange Act").
Pilgrim's Pride is a Brazilian-owned, American food company,
currently the largest chicken producer in the United States and Puerto Rico and the second-largest chicken
producer in Mexico. The company
produces, processes, markets, and distributes fresh, frozen, and
value-added chicken products to retailers, distributors, and
foodservice operators.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or 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 (i.e., chickens raised specifically for
meat production); (2) the foregoing conduct constituted a violation
of federal antitrust laws; (3) consequently, Pilgrim's Pride's
revenues during the class period were the result of illegal
conduct; and (4) as a result of the foregoing, Pilgrim's Pride's
public statements were materially false and misleading at all
relevant times.
On September 2, 2016, the public
was alerted to Defendants' fraud, when food distributor Maplevale
Farms, Inc. ("Maplevale") filed an antitrust class action complaint
against Pilgrim's Pride and several other poultry producers,
including Tyson Foods, Inc. ("Tyson") in U.S. District Court for
the Northern District of Illinois.
The complaint alleged that Pilgrim's Pride and the other companies
named in the complaint had schemed since 2008 to manipulate broiler
chicken prices of in violation of the Sherman Antitrust Act.
From September 7, 2016 through
October 7, 2016, seven more class
action complaints were filed against Pilgrim's Pride and other
poultry companies in the Northern District of Illinois. These complaints were on behalf of
individual consumers and indirect purchasers of broiler chickens,
similarly alleging that Pilgrim's Pride and had manipulated the
price described in Maplevale's complaint.
On October 7, 2016, Pivotal
Research downgraded the Company's peer, Tyson Foods, Inc. ("Tyson")
from "buy" to "sell," noting apprehensions about a "powerfully
convincing" class action against Tyson, Pilgrim's Pride, and some
of its industry peers as defendants, alleging price collusion in
the broiler-chicken market. The complaint alleges that at the
beginning of 2008, Tyson, Pilgrim's Pride, and several other
companies conspired by sharing proprietary data and reducing
production to support prices. Following this news, Pilgrim's Pride
stock dropped $0.95 per share, or
4.5%, to close at $20.16 on
October 7, 2016.
A class action lawsuit has already been filed. If you wish to
review a copy of the Complaint you can visit the firm's site:
http://www.bgandg.com/ppc or you may contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you suffered
a loss in Pilgrim's Pride you have until December 19, 2016 to request that the Court
appoint you as lead plaintiff. Your ability to share in any
recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC