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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPilgrim's Pride CEO and other chicken industry executives indicted for price fixing
Four current and former chicken industry executives, including Pilgrims Pride CEO Jayson Penn, have been indicted for price fixing.
Shares of Pilgrims Pride plunged as much as 13% in afternoon trading. The stock, which has a market value of $4.46 billion, has fallen 44% so far in 2020. Shares of Tyson Foods, which was not named in the indictment, also fell on the news.
The other executives allegedly involved in the scheme include former Pilgrims Pride vice president Roger Austin, Claxton Poultry Farms President Mikell Fries and Scott Brady, a former Pilgrims Pride executive who joined Claxton in 2012. Pilgrims Pride supplies chicken for Costco and Yum Brands KFC, while Claxton is a supplier for Chick-fil-A.
A grand jury in the U.S. District Court in Denver, Colorado indicted all four with one count of conspiring to fix prices for broiler chickens from at least 2012 through 2017.
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https://www.cnbc.com/2020/06/03/pilgrims-pride-ceo-and-other-chicken-industry-executives-indicted-for-price-fixing.html
DanieRains
(4,619 posts)These are rich folk. And it wasn't 100 counts, when it probably could have been right?
Sherman A1
(38,958 posts)Sadly.
sop
(10,177 posts)Wellstone ruled
(34,661 posts)Chicken Prices at retail were at least 40% to high during that time frame.
MagickMuffin
(15,940 posts)Hoping they are afraid of being cooped up!
procon
(15,805 posts)consumers? The CEOs got richer, their share holders got richer, but the workers got nothing, and the consumers who unwittingly paid more for those products shouldered the loss of their purchasing power.
How many consumers were ripped off? Conceivably BILLIONS spent extra money unnecessarily.
crickets
(25,979 posts)shanti
(21,675 posts)facility now, one reason why they can still offer a whole rotisserie chicken for $4.99.
Xolodno
(6,390 posts)Oh and, if anyone starts raising their own chickens and allows you to purchase them for slaughter....sue the shit out of them.