NEW YORK, Nov. 7, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Eastern District of Texas on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the securities of Pilgrim's Pride Corporation ("Pilgrim's Pride" or the "Company") (NYSE:PPC), between May 5, 2008 and September 24, 2008, inclusive (the "Class Period").
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Pilgrim's Pride securities during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by December 29, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint alleges that defendants misrepresented the Company's financial condition and concealed the impact of the Company's capital problems on its current and future business. According to the complaint, during the Class Period, defendants were aware of material undisclosed information which contradicted their public statements that included: that the Company's hedges to protect it from adverse changes in costs were harming the Company's results; that the employee wages would rise due to the Company's inability to continue to use illegal workers; that the Company's capital structure was threatened; and that the Company had not adjusted its business model to allow it to raise prices while its competition was able to raise prices to offset cost increases. The complaint also alleges that on September 24, 2008, after the market closed, Pilgrim's Pride announced that it had notified its lenders that it expected to report a significant loss in the fiscal fourth quarter ending September 27, 2008 and that this announcement cause the value of Pilgrim's Pride's shares fell to decline significantly.