Pilgrim`s Pride Plea Agreement

All of the defendants have pleaded not guilty. Penn`s trial is scheduled to begin on February 16, 2021 in Denver. According to a complaint filed by the Securities and Exchange Commission (SEC), Pilgrim`s Pride has agreed to plead guilty to conspiracy to limit competition in sales of chicken products. A company statement stated that the agreement involved three chicken contracts with a U.S. customer. In June, the government accused two executives – Pilgrim`s Price President and CEO Jayson Penn and former Vice President Roger Austin – of plotting to set prices and bids for broiler chickens from at least 2012 to 2017. Both have pleaded not guilty. Penn left Pilgrim`s Pride last month. Separated from that, JBS said it will pay a $26.9 million fine after reaching an agreement with the SEC for violations of the books of Pilgrim`s Pride, and prosecutors said J-F Investimentos, mother of JBS, will pay $256 million after being found guilty of violating the U.S. Foreign Corruption Practice Acts. Pilgrim`s Pride – in a plea agreement on price fixing Pilgrim`s Pride Corp. has secured a plea with the U.S.

government on allegations of price fixing in the chicken industry. The agreement has yet to be approved by the Colorado District Court. According to the court, Pilgrim`s Pride was faced with price agreements in federal court on Thursday. A guilty plea from Pilgrim`s, the second-largest chicken producer in the United States after sales, will make it the first company to admit to court what prosecutors would have done in much of the U.S. chicken industry to raise prices. This coordination has pushed up poultry prices for fast food chains and other chicken buyers, according to prosecutors. Reuters reports that the admission of guilt by Pilgrim`s Pride, majority owned by meat packer JBS SA, the first U.S. chicken company to reach an agreement with the U.S. government over allegations that industry leaders conspired to raise chicken prices from 2012 to 2019. Pilgrim`s is the first company to plead guilty, which prosecutors say is a seven-year conspiracy to raise prices in much of the U.S.

chicken industry between 2012 and 2019.

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