Tyson Foods disclosed on Monday it had received a subpoena from Securities and Exchange Commission that it said likely stemmed from allegations the company conspired for years with rivals to fix chicken prices.
Last year, US poultry buyers sued Tyson, the nation’s biggest chicken processor, and other companies, claiming they had colluded since 2008 to reduce production in violation of antitrust laws. Tyson has denied the accusations.
The seller of Jimmy Dean sausage and Ball Park hot dogs received a subpoena from the US Securities and Exchange Commission on Jan. 20 in connection with an investigation related to the company, according to documents filed with the SEC.
Tyson said it had limited information and was cooperating with the investigation, which it believes to be in an early stage.
Chief Executive Tom Hayes declined to share details about the subpoena with reporters on a conference call after the company reported better-than-expected quarterly revenue and profit.
Pilgrim’s Pride, which was also sued for allegedly conspiring to fix chicken prices, said it had not received a subpoena from the SEC. The company has said it will fight the accusations.
Full Content: Chicago Tribune
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
FCC Votes to Restore Net Neutrality Rules
Apr 25, 2024 by
nhoch@pymnts.com
Apple Rejects Spotify’s Updated App Over In-App Pricing Disclosure
Apr 25, 2024 by
CPI
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI