October 7, 2016 (Shareholders Foundation) - An investigation on behalf of investors in shares of Pilgrims Pride Corporation (NASDAQ:PPC) was announced over potential breaches of fiduciary duties by certain officers and directors at Pilgrims Pride.

The investigation by a law firm concerns whether certain Pilgrims Pride officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.

Pilgrim's Pride Corporation reported that its Total Revenue declined from over $8.58billion for the 52 weeks period that ended on Dec. 28, 2014 to over $8.18 billion for the 52 weeks period that ended on Dec. 27, 2015 and that its Net Income for those respective time periods declined from $711.65 million to $645.91 million. Shares of Pilgrim's Pride Corporation (NASDAQ:PPC) grew from $18.67 per share in November 2015 to as high as $26.91 per share in April 2016.

On October 7, 2016, Pivotal Research downgraded Pilgrim's Pride Corporations peer, Tyson Foods, Inc. from 'buy' to 'sell,' noting apprehensions about a 'powerfully convincing' class action against Tyson Foods, Inc, Pilgrim's Pride Corporation, and some of its industry peers as defendants, alleging price collusion in the broiler-chicken market. The complaint alleges that at the beginning of 2008, Tyson Foods, Inc, Pilgrim's Pride Corporation, and several other companies conspired by sharing proprietary data and reducing production to support prices.