cases

Pilgrim’s Pride Corporation (NASDAQ: PPC)

Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District of Colorado behalf of all persons or entities that purchased the common stock of Pilgrim’s Pride Corporation (NASDAQ: PPC) between February 21, 2014 and October 6, 2016, inclusive (the “Class Period”).

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Retention letter:

By submitting this form, you are acknowledging that you have agreed to be represented by Ryan & Maniskas, LLP and such co-counsel as they deem appropriate to associate with in this action.

We have advised you that we have conducted a thorough investigation into the facts and circumstances surrounding the allegations contained in the Complaint, and we believe them to be meritorious. You understand that in seeking to be a plaintiff, you are undertaking certain fiduciary duties and responsibilities, which require you to adequately and fairly represent the class by becoming generally familiar with this litigation so that you can monitor, review and participate with counsel in the prosecution of the action. You may and should confer with us at any time you feel it is appropriate to do so.

Our firm prosecutes class actions and is seeking to undertake this litigation on a contingent fee basis. This means we will not seek payment of any fees unless the lawsuit generates a recovery or benefit for the class. The payment of our fees in this suit is subject to court approval, and we generally seek to have our fees calculated as a percentage of the full amount of the funds recovered, i.e., as a percentage of the amount recovered before the deduction of our fees and expenses.

We will advance all costs and expenses that we deem necessary to pursue an appropriate recovery in this suit. Typical costs and expenses include, but are not limited to, telephone, fax transmission, court costs, computer research, copy, and postage expenses, as well as more substantial items, such as the cost of travel, deposition, trial, mediation expenses, and expert witness and consultant fees. If the lawsuit generates a recovery for the class, we will apply to the Court to have our costs and expenses reimbursed from the settlement fund remaining after the attorneys’ fees have been paid. If there is no recovery, you will not be responsible for any costs.

In the course of the lawsuit, we may, without notice to you, retain and/or work with other law firms, in which case, we would divide any legal fees we receive with such other firms. You agree that we may divide fees with other attorneys for serving as local counsel, or for referral fees, or other services performed. You also agree that with respect to situations in which our co-counsel perform services, they may be entitled to receive between 5% and 10% of our firm’s overall fee. The division of attorneys’ fees with other counsel may be determined upon a percentage basis or upon time spent in assisting the prosecution of the action. The division of fees with other counsel is our sole responsibility and will not increase the fees described above. If we determine at any time that the prosecution of these claims is not feasible or is contrary to justice or the standards of good faith, we are then entitled to withdraw from the representation in the action, with reasonable notice to you. This agreement shall be governed by the laws of the Commonwealth of Pennsylvania. All disputes, disagreements and claims arising out of or related to this agreement shall be resolved exclusively through binding arbitration pursuant to the Rules of the American Arbitration Association.

We look forward to working with you.

Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District of Colorado behalf of all persons or entities that purchased the common stock of Pilgrim’s Pride Corporation (“Pilgrim’s Pride” or the “Company”) (NASDAQ: PPC) between February 21, 2014 and October 6, 2016, inclusive (the “Class Period”).

Pilgrim’s Pride shareholders may, no later than December 19, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Pilgrim’s Pride and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/ppc.

Pilgrim's Pride engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products to retailers, distributors, and foodservice operators in the United States, Mexico, and Puerto Rico.

The Complaint 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 made false and/or misleading statements and/or failed to disclose that: (i) Pilgrim's Pride systematically colluded with several of its industry peers to fix prices in the market for broiler chickens (i.e., chickens raised specifically for meat production); (ii) the foregoing conduct constituted a violation of federal antitrust laws; (iii) consequently, Pilgrim's Pride's revenues during the class period were the result of illegal conduct; and (iv) as a result of the foregoing, Pilgrim's Pride's public statements were materially false and misleading at all relevant times.

On September 2, 2016, the market had its first inkling of Defendants' fraud, when food distributor Maplevale Farms, Inc. ("Maplevale") filed an antitrust class action complaint in U.S. District Court for the Northern District of Illinois against Pilgrim's Pride and several other poultry producers, including Tyson Foods, Inc. ("Tyson"), alleging that Pilgrim's Pride and the other companies named in the complaint had conspired since 2008 to manipulate the prices of broiler chicken in violation of the Sherman Antitrust Act.

Between September 7, 2016 and October 7, 2016, seven more class action complaints were filed against Pilgrim's Pride and other poultry companies in the Northern District of Illinois, on behalf of individual consumers and indirect purchasers of broiler chickens, all alleging that Pilgrim's Pride and its industry peers had engaged in the price-manipulation scheme described in Maplevale's complaint.

On October 7, 2016, Pivotal Research downgraded Tyson from "Hold" to "Sell." Explaining the downgrade, analyst Timothy Ramey directed investors' attention to the allegations of price manipulation by Pilgrim's Pride, Tyson, and their industry peers and described the Maplevale complaint as "powerfully convincing."

On news that Pivotal had downgraded Tyson on the strength of the price-manipulation allegations against Tyson, Pilgrim's Pride, and the other poultry companies named in the Maplevale complaint, Pilgrim's Pride's share price fell $0.95, or 4.5%, to close at $20.16 on October 7, 2016.

If you are a member of the class, you may, no later than December 19, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.