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

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

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

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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%.

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.

 

 

 


TSN shares fell $0.96 (-1.19%) in after-hours trading Tuesday. Year-to-date, TSN 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.

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