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...
To view the full article, register now.




Case Information

Case Title

Acaldo v. Pilgrim's Pride Corporation et al

Case Number



Texas Eastern

Nature of Suit



Rodney Gilstrap

Date Filed

October 29, 2008

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.