Tyson Foods, Inc. under Investor Investigation concerning Foreign Bribery Allegations

Feb. 28, 2011 - PRLog -- After Tyson Foods, Inc. disclosed that it will pay $5.2Million in connection with Foreign Bribery allegations by U.S. regulators an investigation on behalf of current long term investors in Tyson Foods, Inc.  concerning whether certain officer and directors are liable for any wrongdoing and can be responsible was announced.

If you are a current long term investor in Tyson Foods, Inc. , and/or if you have information relating the investigation including former employees and/or whistleblowers, you have certain options and you should contact the Shareholders Foundation by email mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in Tyson Foods (Public, NYSE-TSN) concerns whether certain officer and directors at Tyson Foods, Inc. can be held liable in connection with the recent agreement to settle Foreign Bribery charges over possible violations of the U.S. Foreign Corrupt Practices Act (“FCPA”), which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business.
Tyson Foods’ 52week Total Revenue went from $25.729billion reported on Sept 29, 07 to $28.43billion reported on October 2, 2010. Its Net Income over the same time frame went from $268million to lately $780million.

Springdale, Ark.-based Tyson Foods, Inc announced on Feb. 10, 2011 that it had reached a $5.2 settlement with the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) with respect to possible improper payments related to an export program at the company's Mexican poultry subsidiary in violations of the Foreign Corrupt Practices Act (FCPA). Of those penalties, $4 million are a criminal fine. Tyson Foods, Inc  previously disclosed that in November 2006, the Audit Committee of its Board of Directors engaged outside counsel to conduct a review of certain payments that had been made by one of Tyson Foods’ subsidiaries in Mexico, including payments to individuals employed by Mexican governmental bodies. Tyson Foods said in early 2007, it reported that improper payments of more than $100,000 had been made by Tyson de Mexico to two Mexican government veterinarians, both directly and through their spouses.
According to the Justice Department some of the money was paid to the veterinarians’ wives, who were on the company payroll despite providing no service to the company. The DOJ alleges that the money was paid to keep the veterinarians from disrupting the operations of Tyson’s facilities.
Robert Khuzami, director of the SEC’s enforcement division, reportedly said in a statement “Tyson and its subsidiary committed core FCPA violations by bribing government officials through no-show jobs and phony invoices, and by having a lax system of internal controls that failed to detect or prevent the misconduct”.
Shares of Tyson Foods, Inc. (Public, NYSE-TSN) traded during 2006 as low as $13.08 per share and increased throughout 2007 to as high as $23.91 per share. During 2008 TSN shares fell in November to as low as $4.90 per share. During 2009 TSN shares were able to increase and close 09 at $12.27 per share. During 2010 TSN shares reached over $20 per share but recently traded at $17.99 per share.

Those who are current long term investors in Tyson Foods, Inc. (Public, NYSE-TSN), and/or those who have information relating the investigation including former employees and/or whistleblowers, have certain options and should contact the Shareholders Foundation by email mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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