Pilgrim's Pride Settles Securities Fraud Suit For $1.5M

Law360, New York (November 14, 2011, 10:11 PM EST) -- Poultry giant Pilgrim's Pride Corp. agreed Monday in Texas to pay $1.5 million to settle a securities fraud class action accusing it of misleading investors about the company's financial well-being months before it filed for bankruptcy protection.

Pilgrim's Pride and the plaintiffs agreed to settle all claims in the suit and filed a stipulation and agreement of settlement in which the chicken company denied any wrongdoing but agreed to pay $1.5 million within 10 days to avoid further litigation.

The suit arose in October 2008, when...
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