CEO of Chicken Giant Charged in Price Fix Probe: Stock has dropped over 40 Percent in 2020
WELLINGTON, Fla., June 05, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO” or the “Firm”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON) advises that it has commenced an investigation into Pilgrim’s Pride Corporation (NasdaqGS: PPC) on behalf of investors as to whether the Company and certain of its officers and/or directors have engaged in fraud, negligence or other unlawful business practices. The Firm encourages shareholders in Pilgrim’s Pride who have sustained substantial losses to contact the attorneys set forth below.
On June 3, 2020, the Wall Street Journal reported that Pilgrim’s Pride CEO, Jayson Penn, and a former company vice president, Roger Austin, were charged in a one-count indictment in the U.S. District Court for the District of Colorado on allegations that they conspired to fix prices on chicken products sold in the United States between 2012 and 2017. In response, the stock’s share price dropped on Wednesday as much as 14% intraday, causing concern among flocks of shareholders.
The U.S. Assistant Attorney General who signed the indictment, Makan Delrahim, stated, “[e]xecutives who cheat American consumers, restaurateurs and grocers, and compromise the integrity of our food supply, will be held responsible for their actions.” Indeed, it is uncommon for a CEO of a company the size of Pilgrim’s Pride to be indicted by federal prosecutors; however, depending on how the criminal case unfolds, Mr. Penn’s days of ruling the roost may soon come to an end.
The Firm encourages shareholders in Pilgrim’s Pride, especially those shareholders who have sustained substantial losses, to contact attorney Anthony Barbuto, Esq. at (888) 715-2520 or via email firstname.lastname@example.org; or Neil Rothstein, Esq. via email at email@example.com, free of charge, to discuss this case and shareholder rights.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
12773 Forest Hill Blvd., 101
Wellington, FL 33414