According to the law firm press release, the lawsuit alleges throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that Tyson Foods had conspired to fix chicken prices. The lawsuit alleges that, as a result, defendants’ statements were materially false and misleading at all relevant times. On September 2, 2016, certain media outlets reported the filing of an antitrust lawsuit against Tyson Foods asserting that it conspired to manipulate the price of broiler-chickens. On October 7, 2016, Pivotal Research reduced its price target and rating for Tyson Foods due to the allegations of the previously reported antitrust lawsuit. The lawsuit claims that investors suffered damages when these details entered the market.
On December 23, 2016, this case was transferred to the Western District of Arkansas. On January 25, 2017, the transferred case was consolidated into 16-cv-5340. A consolidated Complaint was filed on March 22. Defendants filed a Motion to Dismiss the consolidated Case on May 3. On July 26, the Court issued an Order granting Defendants' Motion to Dismiss. On August 23, Plaintiffs filed a Motion for leave to amend the Complaint.
On March 31, 2018, the Court issued an Order denying the Motion for leave to amend the Complaint, dismissing the case with prejudice.