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KESSLER TOPAZ MELTZER & CHECK, LLP FILES A SHAREHOLDER CLASS ACTION LAWSUIT AGAINST PILGRIM'S PRIDE CORPORATION FOR VIOLATIONS OF FEDERAL SECURITIES LAWS

Notice is hereby given that Kessler Topaz Meltzer & Check, LLP has filed a class action lawsuit on behalf of those who purchased or otherwise acquired Pilgrim's Pride Corporation (“Pilgrim's Pride”) (Nasdaq: PPC) common stock between February 9, 2017 and June 3, 2020, inclusive (the “Class Period”).

Pilgrim's Pride investors may receive additional information about the case by clicking the link "Submit Your Information" above.

The Class Period commences on February 9, 2017, when Pilgrim’s Pride filed its annual report for the year ended December 31, 2016, with the SEC on a Form 10-K that touted Pilgrim’s Pride’s “competitive strengths” and advantages regarding its market position in the chicken industry.  It further represented that Pilgrim’s Pride’s “full-line product capabilities, high-volume production capacities, research and development expertise and extensive distribution and marketing experience are competitive strengths compared to smaller and non-vertically integrated producers.”

Throughout the Class Period, the defendants continued to tout Pilgrim’s Pride’s competitive strengths, advantages, and market positioning, which the defendants claimed had been achieved through legitimate business strategies such as a broad product portfolio and disciplined capital allocation.  However, on June 3, 2020, the truth about the source of Pilgrim’s Pride’s purported competitive strengths and advantages was revealed when the United States Department of Justice announced criminal charges (the “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.”

The Indictment further alleged that in order to further the conspiracy, the individuals utilized their network of suppliers and co-conspirators from at least as early as 2012 and continuing through at least early 2017 to: “reach agreements and understandings to submit aligned, though not necessarily identical, bids and to offer aligned, though not necessarily identical, prices, and price-related terms, including discount levels”; “participate in conversations and communications relating to non-public information such as bids, prices, and price-related terms, including discount levels, . . . with the shared understanding that the purpose of the conversations and communications was to rig bids, and to fix, maintain, stabilize, and raise prices and other price-related terms, including discount levels”; and “monitor bids submitted by, and prices and price-related terms, including discount levels, offered by, Suppliers and co-conspirators.”

Following 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.

Throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that:  (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, the defendants’ statements about the Pilgrim’s Pride’s business, operations, and prospects lacked a reasonable basis.

If you are a member of the class described above, you may no later than September 4, 2020 move the Court to serve as lead plaintiff of the class, if you so choose.


Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.

Kessler Topaz Meltzer & Check, LLP has filed a complaint in this matter (see “View Complaint” above to read full complaint).  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 
1-844-887-9500 (toll free) or 1-610-667-7706 
Or by e-mail at info@ktmc.com 

Please complete this form relating to your transactions for Pilgrim's Pride Corporation (Nasdaq: PPC) common stock between February 9, 2017 and June 3, 2020, inclusive (the “Class Period”).

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form
 

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The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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