TSN INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Tyson Foods, Inc.
October 25 2016 - 1:52PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been filed on behalf of
investors who purchased or otherwise acquired the securities of
Tyson Foods, Inc. (“Tyson Foods” or the “Company”) (NYSE: TSN)
between November 23, 2015 and October 7, 2016, inclusive (the
“Class Period”).
If you purchased or acquired Tyson Foods securities during the
Class Period, you may move the Court for appointment as lead
plaintiff by no later than December 16, 2016. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the action
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
Tyson Foods investors who wish to learn more about the
litigation and how to seek appointment as lead plaintiff should
click here or contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the Tyson Foods Securities Class
Litigation
Tyson Foods, a Delaware Corporation with principal executive
offices in Arkansas, operates together with its subsidiaries as a
food company worldwide.
The action alleges that throughout the Class Period, defendants
made materially false and/or misleading statements, and/or failed
to disclose that: (i) Tyson Foods 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 Foods’ Chicken
segment revenues during the Class Period were the result of illegal
conduct; and (iv) Tyson Foods lacked effective internal control
over financial reporting.
On September 2, 2016, food distributor Maplevale Farms, Inc.
(“Maplevale”) filed an antitrust class action complaint against
Tyson Foods and several other poultry producers, alleging that the
companies had conspired since 2008 to manipulate the prices of
broiler chickens by coordinating and limiting production and
exchanging detailed information about prices, capacity, and sales
volume, in violation of the Sherman Antitrust Act.
On October 7, 2016, Pivotal Research (“Pivotal”) downgraded
Tyson Foods from Hold to Sell based on Maplevale’s allegations that
Tyson Foods and its industry peers engaged in price manipulation.
On this news, Tyson Foods’s common stock price fell $6.63 per
share, or 8.91%, from a closing price of $74.38 on October 6, 2016,
to close at $67.75 per share on October 7, 2016, on extremely heavy
trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
recognized law firm committed to advancing the rights of investors
and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Best Lawyers and U.S. News have named
Lieff Cabraser as a “Law Firm of the Year” for each year the
publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161025006503/en/
Source/Contact for Media Inquiries OnlyLieff Cabraser
Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358
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