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 info@ktmc.com.
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.
CONTACT:
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
(888) 299-7706
(610) 667-7706
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP