Pilgrim's Pride Corporation - Securities Class Action

Company and Case Information

IMPORTANT INFORMATION | INDEX OF FILINGS | SEARCH

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright (c) 2001
Stanford Law School

Pilgrim's Pride Corporation Summary: According to a October 30, 2008, press release, the Complaint charges that the defendant and certain of its officers and directors violated federal securities laws by misrepresenting the Company's financial condition. Specifically, defendants failed to disclose that: (i) the Company's hedges to protect it from adverse changes in costs were not working and in fact were harming the Company's results; (ii) the Company's inability to continue to use illegal workers would adversely affect its margins; (iii) the Company's financial results were continuing to deteriorate rather than improve, such that the Company's capital structure was threatened; (iv) the Company was in a much worse position than its competitors due to its inability to raise prices for customers sufficient to offset cost increases, whereas its competitors were able to raise prices to offset higher costs affecting the industry; and (v) the Company had not made sufficient changes to its business model to succeed in the more difficult industry conditions.

On December 1, 2008 the defendant filed a Notice of Bankruptcy after filing for Chapter 11.

On May 14, 2009, an order consolidating related actions. Every pleading in the Consolidated Action shall have the following caption: IN RE PILGRIM'S PRIDE CORPORATION SECURITIES LITIGATION 2:08-cv-00419.

On May 21, 2009, the court appointed the Pennsylvania Public Fund Group to serve as Lead Plaintiff. The law firm of Banoway Topaz Kessler Meltzer & Check, LLP was hereby approved was Lead Counsel for the Class. Lastly, the Albritton Law Firm is hereby approved as Liaison Counsel for the Class.

On June 26, 2009, a consolidated class action was filed in this action by the plaintiffs.

On August 17, 2009, the Court Ordered that count I of the Consolidated Class Action Complaint alleging securities fraud under Section 10(b) of the 1934 Exchange Act and Rule 10b-5 against the Officer Defendants Dismissed Without Prejudice. Count II of the Consolidated Class action Complaint alleging controlling person liability pursuant to Section 20(a) of the 1934 Exchange Act against the Officer Defendants was also Dismissed Without Prejucice. Plaintiffs were granted leave to file an amended complaint within 30 days from the date of this order.

INDUSTRY CLASSIFICATION:
SIC Code: 2015
Sector: Consumer Non-Cyclical
Industry: Food Processing

COMPANY/ISSUER NAME:	Pilgrim's Pride Corporation
COMPANY/ISSUER TICKER:	PPC
COMPANY WEBSITE:	http://www.pilgrimspride.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Acaldo, et al. v. Pilgrim's Pride Corporation, et al.

COURT: E.D. Texas	DOCKET NUMBER: 08-CV-00419
JUDGE NAME: Hon. T. John Ward
DATE FILED: 10/29/2008	SOURCE:
CLASS PERIOD START: 05/05/2008	CLASS PERIOD END: 09/24/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ Kendall Law Group, LLP 3232 McKinney, Ste 700, Dallas, TX, 75204 (voice) 214.744.3000, (fax) 214.744.3000, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 10/29/2008
U.S. District Court Civil Docket
Type: Docket		Date on the document: 10/30/2008
Notice Of Suggestion Of Bankruptcy
Type: Notice		Date on the document: 12/01/2008
Order Consolidating Related Actions
Type: Order of Consolidation		Date on the document: 05/14/2009
Order
Type: Order Appointing LP/LC		Date on the document: 05/21/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 09/24/2009

REFERENCE COMPLAINT

In Re Pilgrim's Pride Corporation Securities Litigation

COURT: E.D. Texas	DOCKET NUMBER: 08-CV-00419
JUDGE NAME: Hon. T. John Ward
DATE FILED: 06/14/2009	SOURCE:
CLASS PERIOD START: 05/05/2008	CLASS PERIOD END: 10/28/2008
TYPE OF COMPLAINT: First Amended and Consolidated
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Robbins Geller Rudman & Dowd LLP (Manhattan) 52 Duane Street, 7th Floor, New York, NY, 10007 (voice) 212.693.1058, (fax) 212.693.7423, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Complaint
Type: Complaint		Date on the document: 06/26/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 01/25/2010
Memorandum Opinion and Order
Type: Order		Date on the document: 08/17/2010

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.

Go to Search page | Go to Case Index page | Back to Top

�