• The meatpacking giant was accused of touting its efforts to reduce greenhouse gas emissions without a plan to meet those goals.
• JBS says the settlement does not reflect an admission of wrongdoing.
• Stocktwits sentiment for JBS shifts lower to 'bearish.'

Brazilian meatpacking giant JBS NV has agreed to pay $1.1 million to settle a lawsuit by the state of New York over allegations that the company misled the public about reducing the impact of its operations on the environment, according to a Bloomberg report on Monday.

As part of the settlement, JBS would revise the language related to the company's environmental marketing and produce annual reports to the New York Attorney General Letitia James' office.

JBS is the world's largest meat processor, producing beef, poultry, and pork products, as well as prepared foods, in over 20 countries. The company's U.S. unit went public on the New York Stock Exchange in June this year.

On Stocktwits, the retail sentiment for JBS shifted to 'bearish' as of early Tuesday, from 'neutral' the previous day, as its U.S.-listed stock dropped 1% in Monday's after-market session.

“New Yorkers deserve the truth when it comes to the environmental impact of the products they buy,” James said in a press release.“My office will always hold companies accountable when they mislead New Yorkers and harm our planet.”

In a statement to Bloomberg, JBS said the settlement“does not reflect an admission of wrongdoing.” The company's USA unit said it“remains driven to advance sustainable agriculture. We maintain a continued focus on investing in practical solutions that strengthen the resilience of the food system.”

The $1.1 million payment will be made to Cornell University's College of Agriculture and Life Sciences' New York Soil Health and Resiliency Program for the purpose of“supporting climate-smart agriculture,” according to the report.

New York state sued JBS in February last year, alleging the company had touted its efforts to achieve“net zero” greenhouse gas emissions by 2040 despite having“no viable plan” to meet that commitment. 

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