US: Tyson reveals subpoena linked to alleged price fixing from the SEC

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

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