The Adams family, founders of Cal-Maine Foods, the largest egg producer in the United States, sold a portion of their controlling stake in the company for roughly $320 million amid a federal investigation into alleged price-fixing in the egg industry. The sale took place weeks after the U.S. Department of Justice (DOJ) and 17 states launched probes into accusations that Cal-Maine and rival producers manipulated egg prices, causing significant increases in grocery costs nationwide.

Cal-Maine Foods, headquartered in Mississippi, experienced a substantial rise in its stock value between mid-2022 and early 2025, with shares doubling during that period. This increase coincided with soaring egg prices and profits for the company. According to regulatory filings, the Adams family converted their super-voting shares into common stock in April 2025 before selling nearly 3 million shares through an offering led by Goldman Sachs at $92.75 per share. Additionally, Cal-Maine agreed to repurchase approximately $50 million worth of shares from the family. Despite the sale, the Adams family retained a stake in the company, and former CEO Adolphus “Dolph” Baker, the son-in-law of company founder Fred R. Adams Jr., continues to serve as chairman.

The transactions followed a disclosure in a 2025 Securities and Exchange Commission filing in which Cal-Maine revealed it had received a civil investigative demand from the DOJ linked to a nationwide antitrust investigation into egg pricing practices. Federal prosecutors have alleged that from June 2022 through March 2025, executives from Cal-Maine, Versova Holdings, and Hickman’s Egg Ranch coordinated bids and trades to influence daily egg price quotations. These benchmarks are critical as they are used to set prices for billions of eggs sold to supermarkets, restaurants, and food-service companies.

Cal-Maine has denied any involvement in price-fixing, attributing the rise in egg prices to external market factors such as bird flu outbreaks and supply chain disruptions. Nevertheless, the companies under investigation have reached a proposed settlement that awaits court approval. The agreement includes a commitment to donate 53 million eggs to food banks, a $3.3 million payment to participating states, and the acceptance of restrictions on communications among competitors. The settlement does not include any admission of liability by the involved parties.