A district judge has dismissed with prejudice the United Food and Commercial Workers International Union Local 464A et al. suit against Pilgrim’s Pride, which alleged the company inflated stock prices due to price fixing.
The suit claimed Pilgrim’s Pride “deceived investors by touting Pilgrim’s performance during the class period while continuing to participate in an undisclosed and illegal bid-rigging conspiracy.”
In the U.S. District Court for the District of Colorado, Judge Raymond P. Moore ruled the suit did not show the “bid-rigging scheme had such a significant impact on Pilgrim’s bottom line that it could be credited with turning around the company following its filing for bankruptcy in 2008 or with driving its success during the class period.”
Moore therefore granted Pilgrim’s Pride a motion to dismiss the case with prejudice.
