Case Page

 

Case Status:    DISMISSED    
On or around 01/19/2006 (Other)

Filing Date: January 29, 2002

On January 19, 2006, the Court entered the certified copy of the Mandate from the Second Circuit Court of Appeals. It was Ordered, Adjudged and Decreed that the judgment of the District Court is affirmed.

According to the docket posted, on January 25, 2005, the Court entered the Clerk’s Judgment granting the defendants’ motion to dismiss the amended complaint without further leave to amend. On February 7, 2005, the plaintiffs filed a Notice of Appeal. The case is currently pending in the Second Circuit Court of Appeals.

The original complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market before and during the Class Period, thereby artificially inflating the price of Ford common stock. The complaint alleges that Ford's representations were rendered false and misleading by Ford's failure to disclose: (a) that Ford's management purposely had made and failed to hedge large commitments to purchase platinum, palladium, rhodium or similar commodities at very high prices, (b) that the declines in the prices of such commodities during the Class Period (which, to outward appearances, were favoring Ford's business) were not helping Ford and, on the contrary, were hurting Ford's business and prospects, (c) that these large unhedged purchase commitments had placed Ford at a disadvantage to, for example, General Motors, and/or (d) that the large unhedged purchase commitments by Ford's management were exposing Ford to potentially in excess of $1 billion in losses from price declines that would have been favorable to Ford. The complaint further alleges that defendants made false and misleading statements to conceal top management's errors and speculation, and Ford's true financial and competitive position. Only after defendants Jacques Nasser and Henry D.G. Wallace had departed the employment of Ford, did defendants, on January 11, 2002, belatedly disclose the foregoing material adverse facts in Ford's "write-off" of one billion dollars of charges (or losses) relating to such unhedged commodity exposure.

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: S.D. New York
DOCKET #: 02-CV-0686
JUDGE: Hon. Milton Pollack
DATE FILED: 01/29/2002
CLASS PERIOD START: 12/01/1998
CLASS PERIOD END: 01/02/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lovell Stewart Halebian LLP (former New York)
    500 Fifth Avenue, Lovell Stewart Halebian LLP (former New York), NY 10110
    212.608.1900 212.719.4677 · info@lshllp.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-0686
JUDGE: Hon. Milton Pollack
DATE FILED: 03/29/2004
CLASS PERIOD START: 12/01/1999
CLASS PERIOD END: 01/02/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lovell & Stewart LLP (New York)
    500 Fifth Avenue, Lovell & Stewart LLP (New York), NY 10110
    212.608.1900 212.719.4677 · sklovell@aol.com
  2. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
No Document Title Filing Date