Pittsburgh Law Office of Alfred G. Yates Jr., PC Announces Class Action Lawsuit On Behalf of Shareholders of Terex Corp. (TEX)
February 05 2010 - 8:30PM
Business Wire
Notice is hereby given by the Law Office of Alfred G. Yates Jr.,
PC that a class action has been filed in the United States District
Court for the District of Connecticut on behalf of all persons or
entities who purchased or otherwise acquired the securities of
Terex Corporation ("Terex" or the "Company") (NYSE: TEX) during the
period from February 20, 2008 through February 11, 2009, inclusive
(the "Class Period") to recover damages caused by defendants'
violations of the federal securities laws.
The complaint alleges that defendants violated Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934. Specifically, the
complaint claims that defendants issued statements during the Class
Period that were materially false and misleading because they
failed to disclose and misrepresented the following material
adverse facts, including that: (a) defendants failed to properly
and timely account for certain impaired assets within the Company
including in its "Construction" and "Roadbuilding, Utility Products
and Other" segments/units; (b) Terex was experiencing declining
demand for its products in its Construction, Materials Processing
and Aerial Work Platforms segments; (c) Terex's financial condition
was weaker than represented; (d) Terex was not as prepared and
diversified as represented to withstand its significant exposure to
a weakening global credit market and economy; and (e) the
defendants lacked a reasonable basis for positive statements and
representations concerning Terex's Fiscal Year ("FY") 2008 earnings
guidance and the Company's overall business prospects.
On September 4, 2008, Terex disclosed both its: (a) updated FY
2008 financial guidance (which lowered earnings per share
guidance); and (b) adverse news concerning certain of the Company's
segments' weakening financial performances. These negative
disclosures were followed by a decline of 20%, or $9.30 a share in
the price of Terex common stock.
On February 11, 2009, Terex announced its Fourth Quarter 2008
and FY 2008 results which included goodwill impairment charges that
reduced net income by a dramatic $4.60 a share for FY 2008.
Following news of the Company's poor financial results and
forecast, Terex stock fell $4.17 a share to close at $9.45 a share
on February 12, 2009.
Plaintiff seeks to recover damages on behalf of all purchasers
of Terex securities during the Class Period (the “Class”). If you
are a member of the proposed Class, you may move the court no later
than February 19, 2010, to serve as a Lead Plaintiff for the Class.
A Lead Plaintiff is a representative chosen by the Court, who acts
on behalf of other class members in directing the litigation.
The Yates firm is also investigating actions on behalf of
shareholders for the following companies:
COMPANY CLASS PERIOD Motorola, Inc. 12/6/07 - 1/22/08
(NYSE: MOT) State Street 10/17/06 - 10/19/09 (NYSE: STT)
Stryker Corporation 1/25/07 - 11/13/08 (NYSE: SYK)
Kohlberg Capital Corp. 3/16/09 - 12/24/09 (NASDAQ: KCAP)
Bank of America 9/15/08 - 1/22/09 (NYSE: BAC) MetroPCS
Communications, Inc. 2/26/09 - 11/4/09 (NYSE: PCS) NightHawk
Radiology Holdings, Inc. 4/10/07 - 2/13/08 (NASDAQ: NHWK)
If you purchased securities of any of the above companies during
their respective Class Periods and wish to discuss this action or
have any questions, please contact Alfred G. Yates Jr., Esquire at
1-800-391-5164, toll free, or at yateslaw@aol.com by e-mail.
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