NEW YORK, Oct. 17, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed
against Tyson Foods, Inc. (“Tyson” or the “Company”) (NYSE:TSN) and certain of its officers. The class action, filed in
United States District Court, Southern District of New York, and docketed under 16-cv-08108, is on behalf of a class consisting of
all persons or entities who purchased or otherwise acquired Tyson securities between November 23, 2015 and October 6, 2016
inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the
federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Tyson securities during the Class Period, you have until December 16,
2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here to join this class action]
Tyson, together with its subsidiaries, operates as a food company worldwide. Through its Chicken segment, Tyson
raises and processes chickens into fresh, frozen, and value-added chicken products. The Company sells its products through
its sales staff to grocery retailers, grocery wholesalers, meat distributors, warehouse club stores, military commissaries,
industrial food processing companies, chain restaurants or their distributors, live markets, international export companies, and
domestic distributors, as well as through independent brokers and trading companies.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (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; (iii) consequently, Tyson’s Chicken segment revenues during the class period were the result
of illegal conduct; and (iv) as a result of the foregoing, Tyson’s public statements were materially false and misleading at all
relevant times.
On September 2, 2016, the market had its first inkling of Defendants’ fraud, when food distributor Maplevale
Farms, Inc. (“Maplevale”) filed an antitrust class action complaint in U.S. District Court for the Northern District of Illinois
against Tyson and several other poultry producers, including Pilgrim’s Pride Corporation, Perdue Farms, Inc., and Sanderson Farms,
Inc., alleging that Tyson and the other companies named in the complaint 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, in violation of the Sherman Antitrust Act, 15 U.S.C. §§ 1-7 (the “Sherman
Act”).
Between September 7, 2016 and October 7, 2016, eight more class action complaints were filed against Tyson and
other poultry companies in the Northern District of Illinois, on behalf of individual consumers and indirect purchasers of broiler
chickens, all alleging that Tyson had engaged in the price-manipulation scheme described in Maplevale’s complaint.
On October 7, 2016, Pivotal Research (“Pivotal”) downgraded Tyson from “Hold” to “Sell.” 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.”
On news of the downgrade, Tyson’s share price fell $6.63, or 8.91%, to close at $67.75 on October 7, 2016.
From the filing of the Maplevale action on September 2, 2016 to Pivotal’s downgrade on October 7, 2016, Tyson’s share price fell
$8.69, or 11.37%.
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
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
