Exhibit 99.1
-MORE-
Contacts:
Sherman Miller, President and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813
CAL-MAINE FOODS, INC. ISSUES STATEMENT ON RECENT COURT VERDICT
RIDGELAND,
Miss.
(November
22,
2023)
―
Cal-Maine
Foods,
Inc.
(NASDAQ:
CALM)
(“Cal-Maine
Foods”
or the
“Company”), the
largest producer
and distributor
of
fresh
shell eggs
in the
United
States,
today issued the following statement:
Approximately 20
years ago,
Cal-Maine Foods
along with
many other
fresh egg
producers in
the United
States, responded to
growing demands from
consumers and retailers
to improve the
overall treatment of
egg
laying
hens.
These
programs
were
in
line
with
other
prevailing
animal
welfare
laws
across
the
protein
industry and
were not
intended to
restrict supply
and affect
prices. The
programs were
supported by
our
customers and form the basis of many state laws across the country today.
On November 21,
2023, a jury found
that defendants, including
Cal-Maine Foods, Inc.,
were liable for
an
alleged conspiracy
to inflate
egg product
prices in
the case
Kraft Foods
Global, Inc.
et al.
v.
United Egg
Producers, Inc. et al., Case No. 1:11-cv-8808 in the U.S. District Court for the Northern District of Illinois.
The damages phase of the trial is scheduled to take place on November 28
and 29, 2023.
While we are disappointed
with the overall decision,
we prevailed on a
number of issues that
we believe are
important and
should ultimately
define this
case. The
plaintiffs
alleged a
conspiracy running
from 1998-
2008 with damages
extending through
2012. The court
and jury determined
that any alleged
damages would
be limited to the period 2004-2008. The
jury also rejected other key portions of
the plaintiffs’ case that we
believe should limit the plaintiffs’ damages request further.
Cal-Maine Foods will vigorously contest plaintiffs’ presentation of purported
damages and will continue to
assess the decision and options for appeal.
About Cal-Maine Foods
Cal-Maine Foods,
Inc. is
primarily engaged
in the
production, grading,
packaging, marketing
and
distribution
of
fresh
shell
eggs,
including
conventional,
cage-free,
organic,
brown,
free-range,
pasture-
raised and nutritionally
enhanced eggs. The
Company, which is
headquartered in
Ridgeland, Mississippi,
is the largest
producer and distributor
of fresh shell
eggs in the
United States and
sells the majority
of its
shell
eggs
in
states
across
the
southwestern,
southeastern,
mid-western
and
mid-Atlantic
regions
of
the
United States.
Forward Looking Statements
Statements contained in this press release that are
not historical facts are forward-looking statements as that
term is
defined in
the Private
Securities Litigation
Reform Act
of 1995.
The forward-looking
statements are
based on management’s
current intent, belief,
expectations, estimates and
projections regarding our
company
and our industry.
These statements are
not guarantees of
future performance and
involve risks, uncertainties,
assumptions and
other factors
that are
difficult to
predict and
may be
beyond our
control. The
factors that
could cause actual results to differ
materially from those projected in the
forward-looking statements include,
among others, (i) the
risk factors set forth
in the Company’s SEC
filings (including its Annual
Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), (ii) the
risks and hazards inherent
in the shell
egg business (including
disease, pests, weather
conditions and potential
for recall), including
but
not
limited
to
the
most
recent
outbreak
of
highly
pathogenic
avian
influenza
affecting
poultry
in
the
U.S.,
Canada and other countries that was first detected in commercial flocks in the U.S. in February 2022,