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Pilgrim's Pride Corporation

Case Summary

Pilgrim's Pride Corporation Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 03/14/2018 (Court's order of dismissal)

Filing Date: October 20, 2016

According to the law firm press release, Pilgrim’s Pride engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products to retailers, distributors, and foodservice operators in the United States, Mexico, and Puerto Rico.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pilgrim’s Pride systematically colluded with several of its industry peers to fix prices in the market for broiler chickens (i.e., chickens raised specifically for meat production); (ii) the foregoing conduct constituted a violation of federal antitrust laws; (iii) consequently, Pilgrim’s Pride’s revenues during the class period were the result of illegal conduct; and (iv) as a result of the foregoing, Pilgrim’s Pride’s public statements were materially false and misleading at all relevant times.

On April 4, 2017, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiff filed an amended Complaint on May 11, 2017. On June 12, Defendants filed a Motion to Dismiss the amended Complaint. On March 14, 2018, the Court issued an Order granting Defendants' Motion to Dismiss, dismissing the case without prejudice.

Company & Securities Information

Defendant: Pilgrim's Pride Corporation

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: PPC
Company Market: NASDAQ
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.

First Identified Complaint

Patrick Hogan, et al. v. Pilgrim's Pride Corporation, et al.

COURT: D. Colorado
DOCKET #: 16-CV-02611
JUDGE: Hon. Kathleen M. Tafoya
DATE FILED: 10/20/2016
CLASS PERIOD START: 02/21/2014
CLASS PERIOD END: 10/06/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldberg Law PC
    13650 Marina Pointe Dr. Suite 1404 , Goldberg Law PC , CA 90292
    1-800-977-7401 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint and Demand for Jury Trial 10/20/2016
2 U.S. District Court Civil Docket 10/21/2016
3 Motion Of George James Fuller To Be Appointed Lead Plaintiff And To Approve Proposed Lead Plaintiff’s Choice Of Counsel 12/19/2016

Reference Complaint

Patrick Hogan, et al. v. Pilgrim's Pride Corporation, et al.

COURT: D. Colorado
DOCKET #: 16-CV-02611
JUDGE: Hon. Kathleen M. Tafoya
DATE FILED: 05/11/2017
CLASS PERIOD START: 02/21/2014
CLASS PERIOD END: 11/17/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kahn Swick & Foti, LLC (Updated New York)
    250 Park Avenue Suite 2040 , Kahn Swick & Foti, LLC (Updated New York), NY 10177
    212-696-3730 504-455-1498 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Amended Class Action Complaint for Violations of the Federal Securities Laws 05/11/2017
2 Order on Motion to Dismiss 03/14/2018
3 Final Judgment 03/14/2018
4 U.S. District Court Civil Docket 03/14/2018
 
 

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