Cases
Caterpillar, Inc. (NYSE: CAT)
Securities Class Action
Overview
Overview
- Date:
- 3/13/2017
- Company Name:
- Caterpillar, Inc.
- Stock Symbol:
- CAT
- Class Period:
- FROM 2/19/2013 TO 3/1/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: District of Northen Illinois
NEW YORK, March 13, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who acquired Caterpillar, Inc. (NYSE: CAT) securities between February 19, 2013 and March 1, 2017 (the “Class Period”).
Caterpillar designs, manufactures, and markets construction, mining, and forestry machinery. The Company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Caterpillar unlawfully used foreign subsidiaries to avoid paying billions of dollars in U.S. taxes; (ii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) as a result of the foregoing, Caterpillar’s public statements were materially false and misleading at all relevant times.
On March 2, 2017, law enforcement officials executing search warrants raided the Company’s facilities in Peoria, Illinois. Later that day, the Company issued a statement discussing the federal law enforcement raids to its facilities, stating: “We believe the execution of this search warrant is regarding, among other things, export filings that relate to the CSARL matter,” referring to its Swiss subsidiary Caterpillar SARL. Bloomberg News subsequently reported that the warrants “sought evidence related to potential crimes, including ‘failure to file or submitting false electronic export information’ and ‘false and misleading financial reports and statements.’”
On this news, Caterpillar’s share price fell $4.22, or 4.28%, to close at $94.36 per share on March 2, 2017.
If you purchased or otherwise acquired Caterpillar securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
Caterpillar designs, manufactures, and markets construction, mining, and forestry machinery. The Company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Caterpillar unlawfully used foreign subsidiaries to avoid paying billions of dollars in U.S. taxes; (ii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) as a result of the foregoing, Caterpillar’s public statements were materially false and misleading at all relevant times.
On March 2, 2017, law enforcement officials executing search warrants raided the Company’s facilities in Peoria, Illinois. Later that day, the Company issued a statement discussing the federal law enforcement raids to its facilities, stating: “We believe the execution of this search warrant is regarding, among other things, export filings that relate to the CSARL matter,” referring to its Swiss subsidiary Caterpillar SARL. Bloomberg News subsequently reported that the warrants “sought evidence related to potential crimes, including ‘failure to file or submitting false electronic export information’ and ‘false and misleading financial reports and statements.’”
On this news, Caterpillar’s share price fell $4.22, or 4.28%, to close at $94.36 per share on March 2, 2017.
If you purchased or otherwise acquired Caterpillar securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.