In this file:
∑ Pilgrimís to Pay $110.5 Million Fine Over Chicken Price-Fixing
Ö a plea deal with the U.S. Department of Justice on price-fixing allegationsÖ
∑ Pilgrimís Pride Reaches Plea Deal With Justice Department on Chicken Price-Fixing Allegations
... Pilgrimís, which is majority-owned by Brazilian meat conglomerate JBS SA, has been at the center of the U.S. governmentís wide-ranging probeÖ
∑ Media Release: Pilgrimís Announces Agreement with DOJ Antitrust Division
Ö today announced that it has entered into a plea agreement with the United States Department of Justice Antitrust Division in respect to its investigation into the sales of broiler chicken products in the United StatesÖ
Pilgrimís to Pay $110.5 Million Fine Over Chicken Price-Fixing
o Pilgrimís Pride reaches plea deal with U.S. Justice Department
o The company will pay the fine for limiting competition
By Megan Durisin and Kanga Kong, Bloomberg
October 14, 2020
Poultry producer Pilgrimís Pride Corp. will pay a $110.5 million fine after striking a plea deal with the U.S. Department of Justice on price-fixing allegations related to its broiler-chicken products.
The Greeley, Colorado-based company reached a plea agreement over limiting competition on three chicken contracts with a U.S. customer, it said Wednesday. The deal is subject to approval by the U.S. District Court of Colorado and provides that the antitrust division refrain from further charges if the company complies with the terms.
Federal prosecutors recently expanded a probe into price-fixing in the American chicken industry, and the former top executive of Pilgrimís left the company last month after being indicted...
Pilgrimís Pride Reaches Plea Deal With Justice Department on Chicken Price-Fixing Allegations
Second-largest U.S. chicken processor to pay $110.5 million fine
By Jacob Bunge and Brent Kendall, The Wall Street Journal
Oct. 14, 2020
Chicken processor Pilgrimís Pride Corp. said it has agreed to a plea deal with the U.S. Justice Department to resolve price-fixing charges, and will pay a fine of $110.5 million.
A guilty plea by Pilgrimís, the second-largest U.S. chicken processor by sales, will make it the first company to admit in court to what prosecutors have alleged was a roughly seven-year effort across much of the U.S. chicken industry to inflate prices. That coordination pushed up poultry prices paid by fast-food chains and other chicken buyers, prosecutors alleged.
Pilgrimís said the plea agreement provides that the Justice Department will bring no further charges against the Colorado-based company, and doesnít recommend an outside compliance monitor. The agreement doesnít require any restitution or probationary period, the company said.
ďWe are encouraged that todayís agreement concludes the Antitrust Divisionís investigation into Pilgrimís, providing certainty regarding this matter to our team members, suppliers, customers and shareholders,Ē Pilgrimís Chief Executive Fabio Sandri said.
A Justice Department spokeswoman didnít immediately respond to a request for comment.
Pilgrimís was charged with price fixing and bid rigging in a criminal-information document the Justice Department filed late Tuesday in federal court in Colorado. Prosecutors accused the company of coordinating with other parties to suppress competition in the chicken market from 2012 to early 2019...
... Pilgrimís, which is majority-owned by Brazilian meat conglomerate JBS SA, has been at the center of the U.S. governmentís wide-ranging probe of the $65 billion U.S. chicken industry. The Justice Departmentís initial charges in June targeted Jayson Penn, then chief executive of Pilgrimís, as well as a former Pilgrimís sales manager and two executives of a rival chicken company. Mr. Penn and the other defendants have pleaded not guilty...
Pilgrimís Announces Agreement with DOJ Antitrust Division
Source: Pilgrim's Pride Corporation
via Globe Newswire - October 14, 2020
GREELEY, Colo., Oct. 14, 2020 (GLOBE NEWSWIRE) -- Pilgrimís Pride Corporation (NASDAQ: PPC) today announced that it has entered into a plea agreement with the United States Department of Justice Antitrust Division in respect to its investigation into the sales of broiler chicken products in the United States. In the plea agreement, which is subject to the approval of the United States District Court of Colorado, Pilgrimís and the Antitrust Division agreed to a fine of $110,524,140 for restraint of competition that affected three contracts for the sale of chicken products to one customer in the United States. The agreement does not recommend a monitor, any restitution or probationary period, and provides that the Antitrust Division will bring no further charges against Pilgrimís in this matter, provided the company complies with the terms and provisions of the agreement. Pilgrimís expects to record the fine as a miscellaneous expense in its financial statements in the third quarter of 2020.
ďPilgrimís is committed to fair and honest competition in compliance with U.S. antitrust laws,Ē said Fabio Sandri, Pilgrimís CEO. ďWe are encouraged that todayís agreement concludes the Antitrust Divisionís investigation into Pilgrimís, providing certainty regarding this matter to our team members, suppliers, customers and shareholders.Ē
This press release contains forward-looking statements within the meaning of the ďsafe harborĒ provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as ďcontinues,Ē ďmay,Ē ďwill,Ē ďexpects,Ē ďbelievesĒ and similar expressions are used to identify these forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include future developments related to the plea agreement, and the matters discussed herein, and other factors discussed in the risk factors sections of the Companyís Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K on file with the Securities and Exchange Commission. The forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to update any such statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
As a global food company with more than 58,000 team members, Pilgrimís processes, prepares, packages and delivers fresh, frozen and value-added food products for customers in more than 100 countries. For more information, please visit www.pilgrims.com.