Case Page

 

Case Status:    SETTLED
On or around 12/20/2013 (Other)

Filing Date: October 29, 2008

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.

On October 4, 2011, the Court issued an Order reassigning the case to Hon. David Folsom.

On January 23, 2012, a Preliminary Settlement was approved by the Court with a fairness hearing to be held on May 1, 2012.

On May 2, 2012, the Court issued an Order and Final Judgment.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Food Processing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PPC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Texas
DOCKET #: 08-CV-00419
JUDGE: Hon. T. John Ward
DATE FILED: 10/29/2008
CLASS PERIOD START: 05/05/2008
CLASS PERIOD END: 09/24/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
  2. Kendall Law Group, LLP
    3232 McKinney, Ste 700, Kendall Law Group, LLP, TX 75204
    214.744.3000 214.744.3000 ·
No Document Title Filing Date
COURT: E.D. Texas
DOCKET #: 08-CV-00419
JUDGE: Hon. T. John Ward
DATE FILED: 06/14/2009
CLASS PERIOD START: 05/05/2008
CLASS PERIOD END: 10/28/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Albritton Law Firm
    P.O. Box 2649, Albritton Law Firm, TX 75606
    903.757.8449 903.758-7397 · ema@emafirm.com
  2. Barroway Topaz Kessler Meltzer & Check, LLP (Radnor)
    280 King of Prussia Road, Barroway Topaz Kessler Meltzer & Check, LLP (Radnor), PA 19087
    610.667.7706 610.667.7706 · info@btkmc.com
  3. The Davis Firm, PC

    903.230.9090 903.230-9661 ·
No Document Title Filing Date