SAN DIEGO, CA--(Marketwire - Feb 20, 2013) - The Shareholders Foundation, Inc. announces that an investor in shares of Yum! Brands, Inc. (YUM) filed a lawsuit against certain directors and officers over alleged breaches of fiduciary duties and insider selling.
If you are a current long-term stockholder in shares of Yum! Brands, Inc. (YUM), you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
The plaintiff alleges that as far back as 2009 Yum! Brands conducted internal food safety tests on chicken purchased from farmers for consumption in China and found excessive antibiotics, and that Yum! Brands, Inc. allegedly knew that these antibiotics levels violated Chinese food health and safety standards.
Yum! Brands pinpointed the farms from which these tainted chickens were purchased, but continued purchasing chickens from this supplier until at least August 2012, according to the lawsuit.
Then, in December 2012, news reports surfaced that Yum! Brands had purchased chickens from suppliers tainted with excessive hormones, antibiotics, and other chemicals in China for at least three years.
Finally, according to the lawsuit, on February 4, 2013, Defendants caused Yum! Brands to admit that its China division had purchased tainted chicken for sale in its KFC stores.
YUM shares declined from $74.74 in November 2012 to as low as $59.85 per share in early Feb. 2013.
The plaintiff claims that while outside shareholders were damaged, many of the Defendants profited by selling between October 9, 2012 to February 4, 2013 over $64 million of personally held common stock.
Those who are current long term stockholders of YUM shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.