Pilgrim's Pride Corp (PPC)

[jgrabar]

https://grabarlaw.com/the-latest/pilgrims-pride-shareholder-investigation/?fbclid=IwAR1EmTOh8fxZzqAVVupwTsY4bsA7PoFmUATOZfMQzt9uIKv5Hgb7dHvJQ7Y

Grabar Law Office is investigating potential claims on behalf of Pilgrim’s Pride Corp. (NASDAQ: PPC) shareholders. The investigation concerns whether certain officers and directors of Pilgrim’s Pride have breached their fiduciary duties owed to the company.

Pilgrim’s Pride has previously pled guilty to conspiring to fix the price of broiler chicken products and was sentenced to pay roughly $107.9 million in criminal fines. In related civil antitrust litigation Pilgrim's Pride has agreed to a $75 million settlement.

On February 9, 2022, Pilgrim’s Pride learned that the Department of Justice (“DOJ”) opened a civil investigation into human resources antitrust matters. Specifically, it has been reported that this investigation centers around whether Pilgrim’s Pride engaged in anticompetitive sharing about employment practices that held down plant workers’ wages.

On October 6, 2022, Pilgrim’s Pride learned that the DOJ opened a civil investigation into Pilgrim’s Pride’s grower contracts and payment practice. It is alleged that Pilgrim’s Pride illegally agreed to share detailed data on grower compensation with other processors, with the purpose and effect of artificially depressing compensation to growers.

Current long-term Pilgrim’s Pride shareholders may be able to seek corporate reforms, the return of funds back to company coffers, and a court approved incentive award if appropriate.