BALA CYNWYD, Penn. – The law offices of Brodsky and Smith LLC announced Monday that it has filed a class action lawsuit on behalf of shareholders of Pilgrim’s Pride Corp.

The lawsuit is the second one filed against the company over the drop in Pilgrim’s Pride’s share price. The lawsuit alleges that the company violated federal securities laws by issuing a series of material misrepresentations to the market, inflating the stock price.

No class has been certified for the lawsuit as of Tuesday morning.

Ray Atkinson, spokesman for Pilgrim’s Pride, said that the company has a policy of not commenting on pending or threatened litigation.

Source: ProvisionerOnline.com