Shareholder Suit Over Pilgrim’s Pride Participation in Price-Fixing Scheme Revived

DENVER — The 10th Circuit revived a shareholder’s amended complaint alleging a chicken producer failed to loop investors in on a price-fixing scheme Thursday from a statute of repose-driven dismissal.

Chicken producer Pilgrim’s Pride aligned the prices of its broiler chickens with competitors Tyson and Sanderson Farms in 2008. The three companies sell about half the chickens consumed in the United States. Rather than competing, however, they conspired to inflate prices together.

Investor Patrick Hogan filed a class action against Pilgrim’s Pride in 2016, accusing the company of lying to investors about the scheme in press releases and solicitations that praised the company’s competitive skills for driving record profits.

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