New York City comptroller seeks SEC probe of Tyson Foods

New York City Comptroller Scott M. Stringer called on the U.S. Securities and Exchange Commission (SEC) to investigate Tyson Foods, alleging the company made misleading disclosures to investors, such as the New York City Retirement Systems.

Roy Graber Headshot
(Tyson Foods)
(Tyson Foods)

New York City Comptroller Scott M. Stringer called on the U.S. Securities and Exchange Commission (SEC) to investigate Tyson Foods, alleging the company made misleading disclosures to investors, such as the New York City Retirement Systems.

Stringer alleges that the company disclosed misleading information concerning the company’s worker health and safety protections and resulting risks amid the COVID-19 pandemic.

“Tyson is flagrantly misrepresenting its poor pandemic response,” Stringer said in a press release. “There is a human cost to Tyson’s failures – preventable deaths, hospitalizations and sick workers. These failures have material impacts on its business operations that carry serious risks for shareholders. I am calling on the SEC to immediately open an investigation into Tyson’s misleading and dubious claims that they are adhering to OSHA (Occupational Safety and Health Administration) and CDC (Centers for Disease Control and Prevention) safety guidelines, because shareowners need a full and transparent accounting into Tyson’s workplace safety and the risks to both workers and investors amid the COVID-19 pandemic.”

In a letter written to Shelley Parratt, acting director of the SEC Division of Corporation finance, and Mar P Berger, acting director of the SEC Division of Enforcement, Stringer applauded the SEC’s December 4 announcement that it would scrutinize COVID-19 related disclosures to ensure that investors receive accurate and timely information, and called on the commission to keep its word and investigate Tyson. The letter was dated December 15.

Tyson Foods has steadily released information regarding initiatives it has taken to protect employee health at its facilities across the United States since the beginning of the pandemic. Most recently, the company announced it had allocated about $540 billion to transform its U.S. facilities with protective measures, from walk-through temperature scanners and workstation dividers to social distance monitors and always-on testing, as well as provide additional team member pay and benefits.

The company has also hired Dr. Claudia Coplein who will begin her role as Tyson Foods’ first chief medical officer. Coplein will begin her work for Tyson on January 4, 2021.

In July, Tyson Foods received praise from the League of United Latin American Citizens (LULAC) for the protective measures it implemented against COVID-19.

View our continuing coverage of the coronavirus/COVID-19 pandemic.

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