Pilgrim's Pride CEO among four indicted by DOJ for chicken price fixing

A federal grand jury in the U.S. District Court in Denver, Colorado, returned an indictment against four executives for their role in a conspiracy to fix prices and rig bids for broiler chickens, the Department of Justice announced in a statement. The one-count indictment charges four current and former senior executives from two major broiler chicken producers with conspiring to fix prices and rig bids for broiler chickens. Broiler chickens are chickens raised for human consumption and sold to grocers and restaurants. According to the indictment, from at least as early as 2012 until at least early 2017, Jayson Penn, Roger Austin, Mikell Fries, and Scott Brady conspired to fix prices and rig bids for broiler chickens across the United States. Penn is the President and Chief Executive Officer, and Austin is a former Vice President, of Pilgrim's Pride (PPC). Fries is the President and a member of the board, and Brady is a Vice President, of Claxton Poultry Farms. Following the announcement, shares of Pilgrim's Pride are down 13%, or $2.74, to $18.13. Meat producer peers Sanderson Farms (SAFM) and Tyson Foods (TSN) are traded lower following news of the indictment.