Meat company Smithfield Foods has announced that a United States District Court in the Eastern District of Pennsylvania has dismissed a putative securities class action brought against Smithfield and two of its officers on behalf of shareholders of Pennexx Foods Inc.
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A shareholder of Pennexx filed the lawsuit on 24 July 2003, alleging fraud and breach of fiduciary duty in connection with the operations of Pennexx. Smithfield maintained from the outset that the lawsuit was completely without merit. On 29 June 2005, the court dismissed the suit without prejudice.
