According to the law firm press release, Sanderson Farms, an integrated poultry processing company, produces, processes, markets, and distributes fresh, frozen, and prepared chicken products in the United States. The Company sells ice pack, chill pack, bulk pack, and frozen chicken in whole, cut-up, and boneless form primarily under the Sanderson Farms brand name to retailers, distributors, and casual dining operators in the United States, as well as to customers who resell frozen chicken in the export markets. Sanderson Farms’ prepared chicken product line includes institutional and consumer packaged partially cooked or marinated chicken items for distributors and food service establishments.
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) Sanderson Farms systematically colluded with several of its industry peers to fix prices in the broiler-chicken market; (ii) the foregoing conduct constituted a violation of federal antitrust laws; (iii) consequently, Sanderson Farms’ revenues during the Class Period were the result of illegal conduct; and (iv) as a result of the foregoing, Sanderson Farms’ public statements were materially false and misleading at all relevant times.
On February 13, 2017, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiff filed an amended complaint on March 30. On June 29, Defendants filed a Motion to Dismiss the case. On January 19, 2018, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs filed a Notice of appeal of this decision on January 31.