Suwannee County's largest employer is facing several class action lawsuits as its stock price improves slightly. No word yet if the Texas-based Pilgrim's Pride Corp. will face bankruptcy, which an independent research firm last week called "highly probable."
Five class action lawsuits have been filed against Pilgrim's Pride to date. All complain that the corporation violated federal securities laws by misrepresenting themselves in the market and artificially inflating prices of stock.
Meanwhile, a company spokesperson said Pilgrim's is working hard to regain its footing.
"We continue to believe Chapter 11 is not in anyone's best interest, and we are working extremely hard to develop a long-term solution to improve our liquidity and capitalize on our strategic advantages," Ray Atkinson, director of Corporate Communications for Pilgrim's Pride, said in an email to the Democrat. "We have been working diligently with our advisors to develop a comprehensive business plan that details how we spend money, how we run our operations, and how we intend to return to profitability. Our lenders have been constructive and supportive throughout this period, and the extension of the temporary covenant waiver provides additional flexibility to explore opportunities to refinance and recapitalize our business."
Pilgrim's, the nation's largest chicken producer, was trading at $1.13 a share as of 2:32 p.m. Monday, up from $1.09 Friday but down from a 52-week high of $29.59 in December 2007.
The Suwannee County plant employs more than 1,300 workers.
Local News
UPDATED: Class action suits pile up against Pilgrim's Pride
Chicken producer works to avoid bankruptcy
- Local News
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- Showers possible for Memorial Day
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5th grader belts a rendition of "I Will Always Love You"
A Suwannee County fifth grader mesmerized students, parents and faculty during the Suwannee Intermediate School Spring Talent Show Thursday evening.
Brittanie Powell performed “I Will Always Love You” which was immortalized by the late Whitney Houston. It was Brittanie’s first performance and she selected the song a few weeks ago after watching a contestant perform it on American Idol. -
Pournelle receives valedictorian title
The only SHS senior with a 4.0 GPA was left out previously due to district policy
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- Mayo woman loses unborn child in car crash
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Suwannee Democrat obituaries - May 25, 2012
Agnes Barr Taylor
Bobby Roberts
Clifton E. Riley Sr.
- SHS spring game tonight
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Suwannee County's vals and sals
Editor's note: In today's paper (May 25) salutatorian is above Mara Lance's photo. Lance is a Suwannee High School valedictorian.
SHS
Valedictorians
Laura-Kaitlyn Boatright
Mara Magee Lance
Salutatorian
Christopher Cole ThomasBHS
Valedictorian
Robert Hansen
GPA - 3.83
Salutatorian
D’Vonte Cherry
GPA - 3.76
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Democrat Morning Update for Friday, May 25
Good morning. This is what's happening in your county today.
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FCAT 2.0 math and reading results
Suwannee falls right in line with state averages
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