A Bacon and Hot Dog Cartel? A New Lawsuit Says Big Pork Producers Are Colluding to Raise Prices [Fortune]
Hormel Foods Corporation (HRL)
Last hormel foods corporation earnings: 2/20 06:30 am
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Source: Fortune
By Natasha Bach 7:01 AM EDT If you thought your morning bacon or sausage was getting pricier, you might be right. A federal class action suit filed by 13 grocery shoppers in Minnesota alleges that some of the nation’s biggest pork producers have colluded to fix pork prices. According to the suit, since at least 2009, these pork producers have shared confidential information about their companies with competitors through a market monitor called Agri Stats. The exchange of information, the suit claims, was used to allow the companies to monitor each other’s production and thereby control supply and price. But the reports were “not to provide better prices to consumers or to lower the costs of production,” the lawsuit says. “Instead, the clear purpose was to improve the profitability of the co-conspirators.” “Much of the information
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HRL
Earnings
- 2/29/24 - Beat
HRL
Sec Filings
- 4/8/24 - Form 144
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- HRL's page on the SEC website