Cal-Maine to 'vigorously' fight jury decision that it conspired to inflate egg prices

Cal-Maine Foods Inc. (CALM) said Wednesday that a jury found the egg producer, along with other defendants, were liable for an alleged conspiracy to inflate egg product prices. The damages part of the trial is slated to take place on Nov. 28 and Nov. 29. Cal-Maine's stock slumped 1.7% in morning trading, while the S&P 500 gained 0.2%. "While we are disappointed with the overall decision, we prevailed on a number of issues that we believe are important and should ultimately define this case," Cal-Maine said in a statement. For example, it was alleged that the conspiracy ran from 1998 to 2008 with damages extended to 2012, but the jury determined that the alleged damages would be limited to 2004 to 2008, and also rejected other portions of the plaintiffs' case. "Cal-Maine will vigorously contest plaintiffs' presentation of purported damages and will continue to assess the decision and options for appeal," the company said.

-Tomi Kilgore

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11-22-23 1004ET

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