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Case Status:    DISMISSED    
On or around 09/24/2004 (Other)

Filing Date: September 22, 2000

According to a press release dated August 24, 2004, the Sixth Circuit Court of Appeals upheld the dismissal of this action. The Judge Panel rejected arguments that Ford misled investors by repeatedly touting its quality as "its best ever" and stating "quality comes first." "Such statements are either mere corporate puffery or hyperbole that a reasonable investor would not view as significantly changing the general gist of available information," Judge Cornelia G. Kennedy wrote for the court.

The original complaint claims that the company misled investor about the safety of tires on Ford Explorers. A group of Ford shareholders, including the Public School Teachers' Pension and Retirement Fund of Chicago, the International Brotherhood of Electrical Workers, Local 98 and the Ohio Tuition Trust Authority, filed suit in 2000.
Dismissal Upheld by Appellant Court Ruling. More specifically, the complaint charges Ford Motor Company and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 of the Securities Exchange Commission. The lawsuit alleges that defendants issued a series of false and misleading statements during the Class Period concerning the quality and safety of its products. The complaint alleges, "inter alia", that defendants failed to reveal that recalls of the Ford Explorer in combination with Firestone tires were occurring in foreign countries, including Saudi Arabia and Venezuela, and that the company failed to adequately test the tires on the Ford Explorer before it went into production. The complaint also asserts that defendants' misleading statements and material omissions artificially inflated the price of the Company's stock during the Class Period.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Manufacturers
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: F
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Michigan
DOCKET #: 00-CV-74233
JUDGE: Hon. Avern Cohn
DATE FILED: 09/22/2000
CLASS PERIOD START: 01/21/1999
CLASS PERIOD END: 08/09/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 00-CV-74233
JUDGE: Hon. Avern Cohn
DATE FILED: 03/16/2001
CLASS PERIOD START: 03/31/1998
CLASS PERIOD END: 08/31/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (former New York)
    170 E. 61st Street, Second Floor, Barrack, Rodos & Bacine (former New York), NY 10021
    212.688.0782 212.688.0783 · info@barrack.com
  2. Levy & Levy

    ·
No Document Title Filing Date