Smithfield Foods, Inc. is a pork and other food processing company.

The Complaint alleges violations of federal securities laws and state common law and seeks unspecified compensatory damages in connection with the Company's foreclosure on Pennexx's assets.

On November 7, 2003, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on December 22.

Defendants filed a Motion to Dismiss the Amended Complaint on January 21, 2004. The Court issued an Order granting in part and denying in part the Motion to Dismiss on September 27, 2004.

On February 10, 2005, the Court issued an Order withdrawing the Lead Plaintiff and appointing a new Lead Plaintiff. Lead Plaintiff filed a Motion for Class Certification on February 23.

According to the Company’s Form 10-K for the fiscal year ended May 1, 2005, on December 5, 2003, Pennexx filed a cross-claim in the class action against the Company and the Company’s officers who formerly served as directors of Pennexx. The cross-claim alleged, among other things, fraud, breach of fiduciary duty and tortious interference with contractual relations, and sought damages in excess of $226 million. On October 15, 2004, the Company filed a motion to dismiss Pennexx’s cross-claim, which the District Court granted in full on May 16, 2005.

On June 15, 2005, the Court issued an Order withdrawing Lead Plaintiff.

On June 29, 2005, the District Court dismissed the class action without prejudice for lack of prosecution. The District Court took this action following the withdrawal of the lead Plaintiff and the failure of any other putative class member to step forward as lead Plaintiff.

On July 19, 2005, one of the Plaintiffs filed a Notice of Appeal to the United States Court of Appeals for the Third Circuit, citing their intention to appeal the District Court's Dismissal Order. The Court of Appeals affirmed the District Court's ruling on September 24, 2007.