RADNOR, Pa., Oct. 21, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Tyson Foods, Inc. (NYSE: TSN) ("Tyson" or the "Company") on behalf of purchasers of the Company's securities between November 23, 2015 and October 7, 2016, inclusive (the "Class Period").
Investors who purchased Tyson securities during the Class Period may, no later than December 16, 2016, petition the Court to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/tyson-foods-inc#join.
Tyson shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or at [email protected].
Tyson, together with its subsidiaries, operates as a worldwide food company. Through its Chicken segment, Tyson raises and processes chickens into fresh, frozen, and value-added chicken products.
The shareholder class action complaint alleges that Tyson and certain of its executive officers made a series of false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period, including the following: (i) Tyson systematically colluded with several of its industry peers to fix prices in the broiler-chicken market; (ii) the foregoing conduct constituted a violation of federal antitrust laws; and (iii) consequently, Tyson's Chicken segment revenues during the class period were the result of illegal conduct. The complaint further alleges that, as a result of the foregoing, Tyson's public statements during the Class Period to investors were materially false and misleading at all relevant times.
As detailed in the complaint, on September 2, 2016, food distributor Maplevale Farms, Inc. ("Maplevale") filed a federal antitrust class action complaint against Tyson, alleging that the Company and several of its industry peers had conspired since 2008 to manipulate the prices of broiler chickens – chickens raised specifically for meat production – by coordinating and limiting production and exchanging detailed information about prices, capacity, and sales volume. An additional eight federal antitrust class action complaints were filed against Tyson over the following six weeks.
On October 7, 2016, Pivotal Research ("Pivotal") downgraded Tyson from "Hold" to "Sell," and reduced its price target for the Company's stock from $100 to $40 per share. Explaining the downgrade, analyst Timothy Ramey directed investors' attention to the allegations of price manipulation by Tyson and its industry peers, and described the Maplevale complaint as "powerfully convincing." Following this news, Tyson's common stock fell $6.63 per share, or nearly 9%, to close on October 7, 2016 at $67.75 per share.
Tyson shareholders may, no later than December 16, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/tyson-foods-inc#join.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP