Cal-Maine Foods, Inc., Versova, and Hickman's Egg Ranch have agreed to a $3.3 million settlement with the U.S. Department of Justice (DOJ) and 17 states' attorneys general to resolve allegations of coordinating to inflate egg prices. The agreement follows a DOJ investigation alleging the companies secretly coordinated from June 2022 through March 2025 to influence a widely used daily egg price benchmark. The settlement, which requires federal court approval, has drawn criticism from Sen. Elizabeth Warren (D-Mass.), who called the penalties a "mere slap on the wrist" and "shameful" given the scale of the alleged impact on grocery costs.

Under the terms of the proposed agreement, Cal-Maine will pay $1.5 million, Hickman's Egg Ranch will pay $1 million, and Versova will pay $800,000. Additionally, the companies agreed to donate approximately 53 million eggs to food banks and non-profits, with an estimated retail value of roughly $9.7 million. The settlement also requires the companies to adopt antitrust compliance programs and measures aimed at preventing future coordination. None of the companies admitted liability as part of the resolution.

Cal-Maine Foods stated that it believes the claims are "baseless" and maintained that its conduct was lawful. The company emphasized that the communications cited in the complaint, made primarily by a single former employee, did not impact egg prices in any market. Sherman Miller, president and chief executive officer of Cal-Maine Foods, attributed egg price surges to repeated outbreaks of avian influenza, the COVID-19 pandemic, inflation, and other market forces. He noted that current wholesale egg prices are at record lows due to recovered supply.

Versova similarly denied wrongdoing, stating that its decision to settle reflects its desire to "put this matter behind us and focus on our business." Mantiqueira USA, which owns Hickman's Egg Ranch, said the alleged conduct predates its acquisition of the company and affirmed its commitment to complying with all applicable laws. The DOJ investigation centered on whether egg producers organized a cooperative to supply cage-free eggs were attempting to manipulate an industry price index by sharing bidding information.

Cal-Maine Foods, Inc. has expanded its board of directors from eight to ten members with the appointment of Haley R. Fisackerly and Michael J. Highfield as independent directors, effective June 23, 2026. The expansion aims to strengthen the board's collective expertise as the company pursues long-term strategic objectives and diversifies its egg-based food portfolio. Following the appointments, the board now comprises seven independent directors.

Dolph Baker, Board Chair of Cal-Maine Foods, stated that the new directors bring significant experience in operations, infrastructure, economic development, finance, and capital markets. Their addition is intended to support the company's momentum and long-term value creation as it evolves into a more diversified entity.

New Director Profiles

Haley R. Fisackerly currently serves as President and Chief Executive Officer of Entergy Mississippi, LLC, a position he has held since 2008. He brings over three decades of leadership experience in utility operations, regulatory affairs, customer service, public policy, and economic development. Fisackerly also serves on the board of BankFirst Financial Services.

Michael J. Highfield, Ph.D., CFA, CTP, ChBP, currently serves as Provost and Executive Vice President of Mississippi Christian University. He brings over two decades of experience in finance, banking, capital markets, governance, and executive leadership. Highfield was recently named the next President and Chief Academic Officer of the Graduate School of Banking at LSU. His credentials include Chartered Financial Analyst (CFA), Certified Treasury Professional (CTP), and Chartered Banking Professional (ChBP).

Committee Assignments

Both Fisackerly and Highfield will join the board's Compensation, Audit, and Nominating and Corporate Governance Committees. Their appointments are effective immediately, bolstering the governance structure of the largest egg company in the United States.