Ö Pilgrimís Pride Corp. (Nasdaq: PPC) is among several large-scale chicken producers accused by Bob Evans Farms Inc. of inflating poultry prices over the last decadeÖ The suit also names meatpacking giants such as Tyson Foods Inc. (NYSE: TSN), Sanderson Farms Inc. (Nasdaq: SAFM) and Perdue Farms Inc. as defendantsÖ

 

 

Pilgrimís Pride included in Bob Evans Farmsí antitrust lawsuit

 

By Dan Mika, Greeley Tribune (CO)

September 4, 2020

 

GREELEY and CHICAGO ó Pilgrimís Pride Corp. (Nasdaq: PPC) is among several large-scale chicken producers accused by Bob Evans Farms Inc. of inflating poultry prices over the last decade.

 

In an antitrust lawsuit filed in the U.S. District Court for Northern Illinois in Chicago Friday, Bob Evans claims that Pilgrimís and several other meatpacking companies agreed to artificially raise the price of chicken between 2008 and 2017 by, among other tactics, agreeing to coordinate bids to buyers and restrict the supply of birds for sale.

 

Bob Evans Farms is a subsidiary of Post Holdings Inc. (NYSE: POST), the St. Louis-based maker of multiple cereal and packaged food brands.

 

The suit also names meatpacking giants such as Tyson Foods Inc. (NYSE: TSN), Sanderson Farms Inc. (Nasdaq: SAFM) and Perdue Farms Inc. as defendants.

 

In particular, the suit claims that the largest players in the industry coordinated their self-reported price offers to the Georgia Dock, a weekly price index compiled by the Georgia Department of Agriculture that was shut down in 2016 after manipulation was discovered.

 

A replacement index, the Georgia Premium Poultry Price Index, was created in 2017 to replace the Georgia Dock as a more transparent benchmark, but ended that same year after chicken companies stopped sending enough data to make it a viable reflection of the market.

 

A Pilgrimís spokesperson...

 

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https://www.greeleytribune.com/2020/09/04/pilgrims-pride-included-in-bob-evans-farms-antitrust-lawsuit/