NEW YORK, Sept. 13, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Tyson Foods, Inc. (“Tyson” or the “Company”) (NYSE: TSN). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Tyson and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 3, 2019, post-market, Tyson issued a press release entitled “Tyson Foods Experiencing Short-Term Challenges in Fiscal Fourth Quarter.” Specifically, Tyson advised investors that “[t]hese challenges include margin compression related to a reversal of a gain on mark to market grain derivatives recognized in our third quarter, commodity market volatility, implementation of enhanced food safety initiatives, a beef processing plant fire, and slower than expected operational improvements in the Chicken segment.” Accordingly, Tyson revised its fiscal 2019 adjusted earnings guidance downward to a range of $5.30 to $5.70 per share.
On September 4, 2019, at an investor conference, Tyson’s Chief Executive Officer advised investors that the Company had slowed chicken processing after recalling millions of pounds of poultry over concerns that they contained extraneous materials, such as rubber and metal, and that the slower processing had led to higher costs that contributed significantly to the Company’s revised earnings guidance. On this news, Tyson’s stock price fell $7.23 per share, or 7.75%, to close at $86.06 per share on September 4, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby