Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Pilgrim's Pride Corporation, Announces Class Action Lawsuit and Seeks to Recover Losses

LOS ANGELES, Nov. 14 /PRNewswire/ -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Eastern District of Texas on behalf of a class consisting of all purchasers of the securities of Pilgrim's Pride Corporation ("Pilgrim's Pride" or the "Company") , between May 5, 2008 and September 24, 2008, inclusive (the "Class Period").

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at [phone] or Toll Free at [phone], by email at [e-mail], or visit our website at http://www.glancylaw.com/.

The Complaint charges Pilgrim's Pride and certain of the Company's executive officers with violations of federal securities laws. Pilgrim's Pride is a producer of poultry products in the United States, Mexico, and Puerto Rico. Among other things, the Complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that the changes made by the Company to strengthen its competitive position, such as production cutbacks, plant closing, consolidation of operations and others, were insufficient for Pilgrim's Pride to be able to handle the challenges in the industry; (2) that Pilgrim's Pride was unable to raise prices to offset higher costs; (3) that the Company's margins were being effected due to its inability to use illegal workers; (4) that the Company's efforts to hedge against changing costs were ineffective and actually more problematic and damaging to the Company's finances than beneficial; (5) that as a result of the above, the Company's capital structure was deteriorating and in danger; and (6) that the Company lacked adequate internal controls.

On September 25, 2008, before the market opened, Pilgrim's Pride shocked investors when the Company revealed that as a result of high feed-ingredient costs, continued weak pricing and demand for breast meat, and the significant negative impact of hedged grain positions during the quarter, the Company had notified its lenders that Pilgrim's Pride expected to report a significant loss in the fiscal fourth quarter.

As a result of this news, the Company's shares declined, on unusually heavy trading volume, to $3.84 per share on September 25, 2008, a significant decline from the closing price of $10.26 per share two days earlier on September 23, 2008.

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the class described above, you may move the Court, no later than December 29, 2008, 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at [phone] or Toll Free at [phone] or by e-mail to [e-mail].