Tyson Foods (TSN) shares dive on report that it’s being investigated for price fixing

NYSE: TSN | Tyson Foods, Inc. Common Stock News, Ratings, and Charts

TSN – Shares of Tyson fell on Bloomberg reported the U.S. is looking into price-fixing accusations.

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!

KEY POINTS
  • Shares of Tyson, Pilgrim’s Pride and Sanderson Farms fell on Tuesday after Bloomberg reported the U.S. Department of Justice is looking into potential price-fixing accusations.
  • The DOJ intervened in a civil case against more than a dozen companies that are being charged of conspiring “to fix, raise, maintain, and stabilize the price” of broiler chicken as far back as 2008, according to the complaint.
  • Tyson’s stock dropped 1.05%, Pilgrim’s Pride fell 1.25% and Sanderson Farms dropped 2.22% on Tuesday.

Shares of Tyson and two other chicken producers fell on Tuesday after Bloomberg reported the U.S. Department of Justice is looking into potential price-fixing accusations.

The stock dropped more than 3% on the news and closed down 1.05%.

The criminal investigation also includes chicken producer Pilgrim’s Pride, which fell 1.25% on the news, and Sanderson Farms, which dropped 2.22%.


tastyworks Trading Challenge

Can you earn $250 in 2 Days?
We’ll put up $5,000 to see.

Enter Now

The DOJ intervened in a civil case against more than a dozen companies are being charged of conspiring “to fix, raise, maintain, and stabilize the price” of broiler chicken as far back as 2008, according to the complaint.

“Pilgrim’s strongly denies any allegations of anti-competitive conduct. The company welcomes the opportunity to defend itself against these claims through the legal process,” a spokesperson for Pilgrim’s Pride told CNBC.

”[Sanderon Farms] has not been subpoenaed in connection with the Department of Justice investigation,” Sanderson Farms said in a press release Tuesday. “The Company continues to believe the civil plaintiffs’ claims as to Sanderson Farms are wholly without merit, and we are committed to defending the case vigorously.”

Tyson did not immediately return calls for comment.

 

 

 


Tyson Foods, Inc. (TSN - Get Rating) shares fell $0.96 (-1.19%) in after-hours trading Tuesday. Year-to-date, Tyson Foods, Inc. (TSN - Get Rating) has gained 53.03%, versus a 16.85% rise in the benchmark S&P 500 index during the same period.

 

 

 

 


This article is brought to you courtesy of CNBC.

More Resources for the Stocks in this Article

TickerPOWR RatingIndustry RankRank in Industry
TSNGet RatingGet RatingGet Rating
PPCGet RatingGet RatingGet Rating

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!

Top Stories on StockNews.com

NYSE: AMC | AMC Entertainment Holdings, Inc. Class A Common Stock News, Ratings, and Charts

Best & Worst Performing Stock Industries for July 19, 2019

Led by ticker AMC, "Entertainment - Movies/Studios" was our best performing stock industry of the day, with a 2.45% gain.
NYSE: GCI | Gannett Co., Inc. Common Stock News, Ratings, and Charts

Best & Worst Performing Small Cap Stocks for July 19, 2019

GCI leads the way today as the best performing small cap stock, closing up 19.75%.
NYSE: DDS | Dillard's, Inc. Common Stock News, Ratings, and Charts

Best & Worst Performing Mid Cap Stocks for July 19, 2019

DDS leads the way today as the best performing mid cap stock, closing up 23.98%.
NYSE: BUD | Anheuser-Busch Inbev SA Sponsored ADR (Belgium) News, Ratings, and Charts

Best & Worst Performing Mega Cap Stocks for July 19, 2019

BUD leads the way today as the best performing mega cap stock, closing up 5.53%.
NYSE: STT | State Street Corporation Common Stock News, Ratings, and Charts

Best & Worst Performing Large Cap Stocks for July 19, 2019

STT leads the way today as the best performing large cap stock, closing up 6.73%.

Read More Stories


More Tyson Foods, Inc. Common Stock (TSN) News View All

Event/Date Symbol News Detail Start Price End Price Change POWR Rating
Loading, please wait...
View All TSN News
Page generated in 1.1944 seconds.