August 14, 2022

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Lawsuit suggests Tyson Foods misled shareholders about COVID-19 protocols

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NEW YORK (Reuters) – U.S. meat and poultry processor Tyson Food items Inc was sued on Tuesday for allegedly defrauding shareholders with deceptive disclosures about its means to fight the spread of the coronavirus in its facilities.

FILE Picture: Fog shrouds the Tyson slaughterhouse in Burbank, Washington December 26, 2013. REUTERS/Ross Courtney/File Picture

The lawsuit, which seeks course-motion standing, was submitted in Brooklyn federal court by Mingxue Guo, who lives in Canada, and seeks unspecified damages for Tyson shareholders from March 13 to Dec. 15, 2020.

It adopted a Dec. 15 letter from New York Metropolis Comptroller Scott Stringer to the U.S. Securities and Trade Commission that questioned the regulator to look into Tyson’s well being and safety disclosures to buyers, which include the $229 billion New York Town Retirement Programs.

Tyson’s share rate fell 2.2% on Dec. 15 and 8.5% in excess of five investing times right after Stringer accused the corporation of “flagrantly misrepresenting its bad pandemic response,” and termed on the SEC to probe Tyson’s claims it experienced been adhering to federal safety tips.

Tyson spokesman Gary Mickelson defended the company’s managing of the pandemic, indicating it has expended additional than $500 million on personnel security, including coronavirus exams on thousands of personnel a 7 days.

“Our major priority will generally be the wellbeing and safety of our people today,” Mickelson explained.

Stringer’s letter to the SEC cited studies that Tyson experienced more than a few periods as numerous COVID-19 instances–11,087 as of Dec. 3–and 2 times as quite a few deaths as any other meatpacking enterprise.

Tyson employed about 139,000 folks as of Dec. 14 and is primarily based in Springdale, Arkansas.

Other defendants in the lawsuit incorporate Tyson Chief Government Dean Banks, his predecessor and recent Vice Chairman Noel White, and Main Fiscal Officer Stewart Glendinning.

The situation is Guo v Tyson Foods Inc et al, U.S. District Court docket, Japanese District of New York, No. 21-00552.

Reporting by Jonathan Stempel in New York Modifying by Sam Holmes

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