Class action suit moves forward against Tyson
(October 10, 2003) - (Little Rock-AP) -- I-B-P Incorporated shareholders who claim Tyson Foods made false statements to drive down the stock's price can sue together. A federal judge says people who sold shares of I-B-P when Tyson aborted its purchase of the company can file a class-action lawsuit. A judge in Delaware approved the measure for stockholders who sold stock between March 29th and June 15th of 2001. Springdale-based Tyson became the world's largest meat producer when a chancery court ruled in June 2001 that it had to go forward with the purchase of I-B-P. Tyson tried to call off the deal in March, saying I-B-P failed to disclose a federal accounting probe involving the meatpacker's Chicago-based canape and appetizer subsidiary. But I-B-P, based in South Dakota, went to court to compel Tyson to complete the four-point-seven (b) billion dollar purchase and it came out in the testimony of Tyson Chairman John Tyson that executives knew about the problem when they decided to buy I-B-P.