Thursday, January 30, 2025
19.0°F

Tyson cooperating with feds in price-fixing investigation

AP Business Writer | Hagadone News Network | UPDATED 4 years, 7 months AGO
by AP Business Writer
| June 12, 2020 12:03 AM

Tyson Foods shares fell Thursday after the company said it is cooperating with a federal investigation into price-fixing in the chicken industry.

Springdale, Arkansas-based Tyson Foods Inc. said it was served with a grand jury subpoena in April 2019 from the U.S. Department of Justice. Tyson said it conducted an internal investigation and turned over information to the Department of Justice.

Tyson also said it is seeking a formal grant of leniency, which would mean that neither the company or its executives would face criminal fines or jail time.

Last week, four current and former executives at Pilgrim’s Pride and Claxton Poultry Farms — including Pilgrim’s Pride President and CEO Jayson Penn — were indicted on charges of price fixing as a result of the long-running investigation.

Claxton said last week that the charges are without merit and it will vigorously defend itself. Pilgrim’s Pride said it is cooperating with the investigation.

Tyson Foods shares fell 3% to $62.76 in morning trading.

“Tyson Foods is committed to competing vigorously, honestly and in compliance with the letter and the spirit of the antitrust laws and respects the important role that the Department of Justice plays in enforcing these laws,” the company said in a statement.

MORE IMPORTED STORIES

Tyson cooperating with feds in price-fixing investigation
Columbia Basin Herald | Updated 4 years, 7 months ago
Pilgrim’s Pride CEO among indicted for chicken price fixing
Columbia Basin Herald | Updated 4 years, 8 months ago
Pilgrim’s Pride CEO among indicted for chicken price fixing
Columbia Basin Herald | Updated 4 years, 8 months ago

ARTICLES BY AP BUSINESS WRITER

October 10, 2020 12:03 a.m.

Drive-thru dominates even as dine-in restrictions ease

Even with cities like New York relaxing rules for dining in, sales figures from chains like McDonalds and Domino’s Pizza on Thursday suggest that most people continue to favor keeping their distance.

October 9, 2020 5:03 a.m.

Global stocks mostly higher on US stimulus hopes

BEIJING (AP) — Global stock markets and Wall Street futures mostly rose Friday after President Donald Trump said talks had resumed on an aid package for the struggling U.S. economy.

October 9, 2020 2:06 a.m.

Global stocks follow Wall Street higher on stimulus hopes

BEIJING (AP) — Global stock markets and Wall Street futures rose Friday after President Donald Trump said talks had resumed on an aid package for the struggling U.S. economy.