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LiberalArkie

(15,715 posts) Wed Jun 3, 2020, 05:55 PM Jun 2020

Pilgrim's Pride CEO and other chicken industry executives indicted for price fixing

Four current and former chicken industry executives, including Pilgrim’s Pride CEO Jayson Penn, have been indicted for price fixing.

Shares of Pilgrim’s 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 Pilgrim’s Pride vice president Roger Austin, Claxton Poultry Farms President Mikell Fries and Scott Brady, a former Pilgrim’s Pride executive who joined Claxton in 2012. Pilgrim’s 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

9 replies

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Pilgrim's Pride CEO and other chicken industry executives indicted for price fixing (Original Post) LiberalArkie Jun 2020 OP

Won't Be No Jail Though DanieRains Jun 2020 #1

You are probably right Sherman A1 Jun 2020 #5

They should be indicted for all the COVID-19 deaths in the poultry processing plants. sop Jun 2020 #2

About friggin time. Wellstone ruled Jun 2020 #3

Well Cock A Doodle DOO MagickMuffin Jun 2020 #4

How many millions of $$$ did this scheme cost procon Jun 2020 #6

There's a jail sentence, but it'll be shocking if they serve a day. nt crickets Jun 2020 #7

Costco has its own chicken shanti Jun 2020 #8

Let's see, bilk the consumer and bilk the farmers. Xolodno Jun 2020 #9

DanieRains

(4,619 posts)

1. Won't Be No Jail Though

Reply to LiberalArkie (Original post)

Wed Jun 3, 2020, 06:06 PM

Jun 2020

These are rich folk. And it wasn't 100 counts, when it probably could have been right?

Sherman A1

(38,958 posts)

5. You are probably right

Reply to DanieRains (Reply #1)

Wed Jun 3, 2020, 07:02 PM

Jun 2020

Sadly.

sop

(10,167 posts)

2. They should be indicted for all the COVID-19 deaths in the poultry processing plants.

Reply to LiberalArkie (Original post)

Wed Jun 3, 2020, 06:06 PM

Jun 2020

Wellstone ruled

(34,661 posts)

3. About friggin time.

Reply to LiberalArkie (Original post)

Wed Jun 3, 2020, 06:21 PM

Jun 2020

Chicken Prices at retail were at least 40% to high during that time frame.

MagickMuffin

(15,936 posts)

4. Well Cock A Doodle DOO

Reply to LiberalArkie (Original post)

Wed Jun 3, 2020, 06:27 PM

Jun 2020

Hoping they are afraid of being cooped up!

procon

(15,805 posts)

6. How many millions of $$$ did this scheme cost

Reply to LiberalArkie (Original post)

Wed Jun 3, 2020, 07:44 PM

Jun 2020

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.