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.
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