Pilgrim’s Pride CEO Takes Leave of Absence Following Price Fixing Allegations, DOJ Takes Action

Tuesday, 16. June 2020 14:30

LOS ANGELES, June 16, 2020 (GLOBE NEWSWIRE) -- Jayson Penn, the chief executive officer of Pilgrim’s Pride Corp. (NASDAQ: PPC) charged by U.S. prosecutors of conspiring to fix prices, has begun a paid leave of absence effective immediately according to a statement by the company. A federal indictment, revealed in early June 2020, disclosed evidence of Mr. Penn directly discussing the alleged price-fixing with colleagues.

The United States Department of Justice has taken action to protect consumers from price fixing, and rising food prices, issuing a press release on June 3, 2020 on the matter. Assistant Attorney General Makan Delrahim of the Department of Justice’s Antitrust Division states, “[p]articularly in times of global crisis, the division remains committed to prosecuting crimes intended to raise the prices Americans pay for food. Executives who cheat American consumers, restauranteurs, and grocers, and compromise the integrity of our food supply, will be held responsible for their actions.”

Several law firms have issued notices to investors, so what can investors do to promote social justice during this time? “Investors are particularly well suited to bring justice to consumers by filing a class action lawsuit to promote fair dealing and better accountability. And, securities class actions serve many purposed in that these procedural measures promote effective corporate governance, regulatory compliance while also allowing the investors to recover damages they may have suffered in their Pilgrim’s Pride investment,” says Lesley F. Portnoy, founding partner of the Portnoy Law Firm. Mr. Portnoy encourages Pilgrim’s Pride investors to contact his law firm to discuss the legal claims to pursue justice for consumers and investors.

Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar

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