On June 3, 2020, The Wall Street Journal reported that the CEO of Pilgrim’s Pride Corporation and other executives were indicted in a criminal antitrust probe for allegedly conspiring to fix prices on chickens being sold to restaurants and grocery stores. On this news, Pilgrim’s Pride (NASDAQ: PPC) stock dropped 12% in intraday trading. Pilgrim’s Pride investors may have a claim.

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Pilgrim's Pride News: CEO Indicted for Fixing Chicken Prices; PPC Stock Plummets 12%

In June 2020, the CEO of Pilgrim’s Pride was reportedly indicted by the Justice Department for allegedly fixing chicken prices. The Wall Street Journal reported that accusations against the company for collusion started as early as 2016, and were brought to greater light in 2019 when the Justice Department issued a subpoena to Pilgrim’s. The newest charge against the CEO is part of an ongoing criminal investigation against the executives of many large chicken producers.

According to The Wall Street Journal,

The one-count indictment, returned by a federal grand jury in Colorado, alleges current and former senior executives at Pilgrim’s Pride Corp. and Claxton Poultry Farms fixed prices and rigged bids from 2012 to 2017.

On the news of the indictment, Pilgrim’s Pride stock dropped 12%, causing significant harm to investors. If you invested in Pilgrim’s Pride you may have a claim. Speak with a securities lawyer to learn more about your options.

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