Tyson Foods Inc. issued a statement saying they “immediately self-reported” to the Department of Justice (DoJ) information regarding the antitrust criminal investigation alleging chicken price-fixing.
“Tyson Foods is committed to competing vigorously, honestly and in compliance with the letter and the spirit of the antitrust laws and respects the important role that the Department of Justice plays in enforcing these laws,” the statement says.
A Colorado grand jury filed the indictment against four chicken company executives claiming they engaged in a conspiracy to eliminate competition by price fixing broiler chicken products. Tyson was served with a subpoena from the DOJ concerning the investigation on April 26, 2019, according to the statement, and immediately reported information it uncovered connected to the investigation.
The company said they hope for a formal grant of leniency so the company and its employees will not face criminal fines or prosecution, so it is fully cooperating as part of an application for leniency.
“Our swift and decisive actions demonstrate our steadfast commitment to treating suppliers, customers and partners with integrity and to fostering a free and fair competitive environment that not only benefits consumers but makes Tyson Foods better,” Tyson’s statement says.
The indictment states that suppliers, if convicted, would face fines of up to one million dollars individually, 100 million dollars as a business, and up to ten years of jail time.
Tyson Foods Inc. filed its statement with the Securities and Exchange Commission, according to requirements in the Securities Exchange Act of 1934.