The following statement was issued Friday (22 June) by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed today by an institutional investor in the United States District Court for the District of Delaware, located at J. Caleb Boggs Federal Building, 844 N. King Street, Wilmington, Del., on behalf of all sellers of the common stock of IBP, Inc. (NYSE: IBP;“IBP”) from March 29, 2001 through and including June 15, 2001 (the “Class Period”).
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The complaint charges Tyson Foods, Inc. (“Tyson” or the “Company”), Don Tyson (the Company’s founder and controlling stockholder), John Tyson (the Company’s Chief Executive Officer) and Les R. Baledge (the Company’s Executive Vice President and General Counsel) with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The complaint alleges that on March 29, 2001, Tyson announced it would terminate a proposed merger between Tyson and IBP (the “Merger”) because Tyson purportedly relied upon misleading information furnished by IBP concerning an SEC comment letter and the financial results at an IBP subsidiary in determining to enter into the Merger Agreement. It was not until June 15, 2001, when, in an action brought by IBP shareholders, In re IBP, Inc. Shareholders Litigation, Consolidated Civil Action No. 18373 (Del. Ch., June 15, 2001), the Court concluded that Tyson’s decision to withdraw from the Merger had nothing to do with the SEC comment letter or the problems at IBP’s subsidiary.
Plaintiff seeks to recover damages on behalf of class members who sold IBP stock during the Class Period and is represented by the law firm of Schiffrin & Barroway, LLP, who has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit www.sbclasslaw.com.
If you are a member of the class described above, you may, not later than 60 days from today, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
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