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Stock impact report

Lawsuit alleges Hormel, other companies inflated pork prices [FOX News]

Hormel Foods Corporation (HRL) 
Last hormel foods corporation earnings: 2/20 06:30 am Check Earnings Report
US:NYSE Investor Relations: investor.hormelfoods.com
Company Research Source: FOX News
MINNEAPOLIS –   A federal lawsuit filed Thursday in Minnesota alleges Hormel Foods Corp. and other companies colluded to inflate consumer pork prices on such popular products as Ball Park Franks, Spam and Nathan's Famous. Defendants in the proposed class-action lawsuit included Hormel , based in Austin, Minnesota, and eight other companies, including Tyson Foods , JBS USA and Smithfield Foods . The law firm bringing the case, Seattle-based Hagens Berman , contends the alleged price-fixing forced consumers to pay high prices for bacon, ham and other pork products. The lawsuit alleges the companies coordinated their output and limited production with the intent and expected result of increasing pork prices in the United States, and also exchanged competitively sensitive and closely guarded non-public information about prices, capacity, sales volume and demand. In 2009, Indiana-based Agri Stats , a provider of data services to agricultural industries, approached Show less Read more
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