WILMINGTON, Del., Oct. 18, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Tyson Foods, Inc. (NYSE:TSN)?
- Did you purchase your shares between November 23, 2015 and October 7, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Tyson Foods, Inc. (“Tyson Foods” or the “Company”) (NYSE:TSN) between November 23, 2015 and October 7, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Tyson Foods during the Class Period, or purchased shares prior to the Class Period and still hold Tyson Foods, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/tyson-foods-inc-tsn.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) since 2008, Tyson Foods has colluded with the country’s leading poultry producers to manipulate the supply of broiler-chickens in order to keep the price of broiler-chickens artificially high; (2) from 2013-2016, Tyson Foods exported hatching eggs to Mexico and other foreign countries to artificially reduce the supply of broiler-chickens in the U.S. and to increase the price of broiler-chickens in the U.S.; (3) in turn, Tyson Foods lacked effective internal control over financial reporting; and (4) as a result, Tyson Foods’ public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on October 7, 2016, Pivotal Research issued a report (the “Pivotal Research Report”) downgrading Tyson Foods to “sell” from “buy,” and slashing its price target from $100 to $40. The Pivotal Research Report noted that a recent federal antitrust lawsuit is a “powerfully convincing class-action” and that if the allegations therein are true, “[i]t explains why Tyson can offer EPS guidance with remarkable precision; boasting of margins at record levels well into the future. The Tyson of old did not provide guidance. We believe the consistent setting and meeting of earnings targets has been a major factor in the positive re-rating of the shares.”
On this news, shares of Tyson Foods dropped over 8%, closing at $67.75 per share on October 7, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than December 16, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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