BRF S.A. is a food processor and the world’s largest poultry exporter. Its portfolio includes established brands in Brazil and abroad, such as Sadia, Perdigão, Qualy, Chester, Perdix and Paty. The Company provides meat (poultry and pork), foods processed from meats, pizzas, pastas and frozen vegetables.
According to the law firm press release, the Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) BRF employees paid bribes to regulators and politicians to subvert inspections in order to conceal unsanitary practices at the Company’s meatpacking plants; (ii) the foregoing conduct, when it came to light, would foreseeably subject the Company and its officers to heightened regulatory enforcement and/or prosecution; and (iii) as a result of the foregoing, BRF’s public statements were materially false and misleading at all relevant times.
On July 2, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on September 7. On December 4, Lead Plaintiff filed a second amended Complaint. Lead Plaintiff filed a third amended Complaint on May 10, 2019. Defendants filed a Motion to Dismiss the third amended Complaint on June 24. On October 25, the Court issued an Order denying Defendants' Motion to Dismiss. Lead Plaintiff was given leave to file a fourth amended Complaint.