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TYSON FOODS

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Tyson Foods : US government investigating poultry price-fixing claims

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06/25/2019 | 03:20pm EDT

CHICAGO (AP) — The U.S. government is investigating price-fixing charges against the country's biggest poultry companies.

The Department of Justice tipped its hand last week when it requested a temporary halt to discovery proceedings in a 2016 class-action lawsuit filed by food service distributor Maplevale Farms.

Falconer, New York-based Maplevale Farms accuses Tyson Foods Inc., Perdue Farms Inc., Pilgrim's Pride and others of conspiring to fix poultry prices between 2008 and 2016. The suit claims the companies shared information through a third-party data firm and restricted supply by destroying breeder hens on several occasions.

The government asked the U.S. District Court in Chicago for a six-month delay to protect an ongoing grand jury investigation. A federal judge is scheduled to rule on the request Thursday.

The case is one of nearly 40 filed by grocers, restaurants and others against the poultry companies. Kroger, Walmart, the Hooters chain and Darden Restaurants — which owns Olive Garden — are among those who have sued.

Tyson shares fell 1% to $80 in afternoon trading, while shares of Pilgrim's Pride Corp. were down nearly 1% to $25.30.

The Justice Department has also been investigating price-fixing in the canned tuna fish industry. In October, StarKist announced it would plead guilty to fixing prices in the U.S. between 2011 and 2013.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed., source Associated Press News

Stocks mentioned in the article
ChangeLast1st jan.
PILGRIM'S PRIDE CORPORATION 1.12% 26.26 Delayed Quote.67.44%
TYSON FOODS 0.01% 79.14 Delayed Quote.48.18%
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Financials (USD)
Sales 2019 42 815 M
EBIT 2019 3 232 M
Net income 2019 2 141 M
Debt 2019 11 396 M
Yield 2019 1,90%
P/E ratio 2019 13,5x
P/E ratio 2020 12,0x
EV / Sales2019 0,94x
EV / Sales2020 0,88x
Capitalization 28 871 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 85,60  $
Last Close Price 79,14  $
Spread / Highest target 26,4%
Spread / Average Target 8,16%
Spread / Lowest Target -36,8%
EPS Revisions
Managers
NameTitle
Noel W. White President, Chief Executive Officer & Director
Stewart F. Glendinning Chief Financial Officer & Executive Vice President
Scott J. Spradley Chief Technology Officer
Kevin M. McNamara Independent Director
Robert C. Thurber Independent Director
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