LOS ANGELES, Aug. 3, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz reminds investors of the upcoming September 4, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Pilgrim's Pride Corporation ("Pilgrim's Pride" or the "Company") (NASDAQ: PPC) securities between February 9, 2017 and June 3, 2020, inclusive (the "Class Period").
If you are a shareholder who suffered a loss, click here to participate.
On June 3, 2020, The Wall Street Journal reported that Pilgrim's Pride's Chief Executive Officer and others had been indicted "for allegedly conspiring to fix prices on chickens sold to restaurants and grocery stores."
On this news, the Company's share price fell $2.58, or more than 12%, to close at $18.29 per share on June 3, 2020, thereby injuring investors.
The complaint filed in this class action 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 failed to disclose to investors: (1) that the Company and its executives had participated in an illegal antitrust conspiracy to fix prices and rig bids from at least as early as 2012 and continuing through at least early 2017; (2) that the Company received competitive advantages, which persisted during the Class Period, from its anticompetitive conduct; and (3) as a result, Defendants' statements about the Company's business, operations, and prospects lacked a reasonable basis.
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If you purchased or otherwise acquired Pilgrim's Pride securities during the Class Period, you may move the Court no later than September 4, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles