business
Egg producer family sold $320 million in shares after federal probe began
The founding family of the largest U.S. egg producer sold nearly 3 million shares weeks after federal investigators started examining alleged price coordination. The transactions occurred near the company's peak stock price.
Jul 8, 5:30 PM·1m read1 source
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Members of the Adams family sold nearly 3 million shares of Cal-Maine Foods at $92.75 each through an offering arranged by Goldman Sachs, according to company filings cited by the Financial Times. The sales took place in April 2025 after the family converted super-voting shares into common stock.
The transactions followed a civil investigative demand the company disclosed in an April 2025 SEC filing. Federal prosecutors alleged that Cal-Maine and two rival producers coordinated bids from June 2022 through March 2025 to influence daily price quotations published by Urner Barry.
Stock sale details The Adams family, which had controlled the Mississippi-based company for nearly 70 years, also had Cal-Maine repurchase about $50 million worth of shares from family members. Former CEO Adolphus Baker remained chairman after the sales.
Alleged coordination Prosecutors cited emails, texts and calls in which executives allegedly discussed bidding activity. One message from October 2022 read, "We are bidding up. " Cal-Maine has denied wrongdoing and stated that egg prices were driven by bird flu and other market forces.
A proposed settlement would require the company and two rivals to donate 53 million eggs to food banks, pay $3.3 million to states and accept limits on competitor communications.
