Report: Pilgrim’s Pride CEO Among Industry Executives Indicted for Fixing Prices

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4 rooster trade senior executives from Pilgrim’s Satisfaction (NASDAQ: PPC) and Claxton Poultry Farms have been indicted by a Colorado grand jury for allegedly colluding to repair costs and rig bids on chickens bought to grocery shops and eating places between 2012 and 2017, The Wall Road Journal reviews. 

The indictments of Colorado-based Pilgrim’s CEO Jayson Penn, a former Pilgrim’s vp, and the president and a vp of Georgia-based Claxton Poultry Farms are a part of an ongoing legal antitrust probe, in line with the report. Penn joined Pilgrim’s Satisfaction, the nation’s second largest producer, in 2011 after greater than 20 years expertise within the trade. In accordance with the corporate, practically 20% of chickens within the U.S. come from Pilgrim’s. 

chickens in coups at a chicken farm

Picture supply: Getty Pictures.

The legal probe stems from accusations that surfaced in 2016, when poultry consumers, together with restaurant corporations, sued main poultry producers together with the biggest, Tyson Meals (NYSE: TSN), in addition to Pilgrim’s, Sanderson Farms (NASDAQ: SAFM), and privately held Perdue Farms, for conspiring to extend costs. The rooster corporations have denied the allegations. 

The federal probe was revealed final 12 months when authorities attorneys requested plaintiff attorneys for proof from their litigation, and for a pause of their in search of additional proof within the lawsuits, to guard a grand jury’s investigation, in line with the report. 

In denying wrongdoing, the rooster producers have stated provide and demand drove rooster pricing greater, together with growing home consumption and exports. Rooster costs have since fallen about 27% from early 2019 to February, 2020, because the producers elevated manufacturing and capability in anticipation of upper exports because of new commerce offers, in line with the report. 

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