Cal-Maine (CALM) Settles DOJ Probe for $3.3M over Price Manipulation

AI Summary

The Department of Justice (DOJ) settled with Cal-Maine Foods (CALM), Versova, and Hickman's Egg Ranch for $3.3 million due to alleged price manipulation that inflated egg prices. As part of the settlement, the companies will donate approximately 53 million eggs, valued at around $9.7 million at retail prices, to food banks. The inquiry revealed that these producers reportedly coordinated to affect a daily price index over nearly three years. In February 2023, egg prices had increased by 150% year-over-year, significantly driven by a bird flu outbreak.