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On October 7, 2016, Pivotal Research downgraded the Company's Peer Tyson Foods, Inc. ("Tyson") to "sell" from "buy," citing concerns about a "powerfully convincing" class action naming Tyson, Sanderson, and certain of the Company's other industry peers as defendants and alleging price collusion in the broiler-chicken market. The complaint alleges that, beginning in 2008, Tyson, Sanderson, and several other companies colluded by sharing proprietary data and reducing production to support prices.
On this news, Sanderson's share price has fallen as much as $6.43, or 6.9%, during intraday trading on October 7, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-sanderson-farms-inc--safm-300341355.html
SOURCE Pomerantz LLP