Case Page

 

Case Status:    DISMISSED    
On or around 05/12/2004 (Date of order of final judgment)

Filing Date: February 06, 2004

According to the dockets posted on this site, the law suit was transferred to the Northern District of Georgia, Atlanta Division and refiled with a new docket number 04-CV-1099. On May 04, 2004, the plantiffs filed for dismissal without prejudice. The court issued an order dated May 10, 2004, granting plaintiffs' motion for dismissal and terminating the case.

The original complaint charges AGCO 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 promulgated thereunder. During the Class Period, the defendants issued a series of material misrepresentations to the market concerning the Company's financial results. More specifically, the defendants' statements during the Class Period were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company improperly recorded revenue on its "bill and hold" transactions where risk did not pass to the customer; (2) that the Company recklessly disregarded its own policies regarding recognizing revenue; and (3) as a result of the foregoing, the Company's net income and earnings per share published during the Class Period were not in accordance with Generally Accepted Accounting Principles and were therefore materially false and misleading.

The complaint further alleges that on February 5, 2004, the Company shocked the market when it issued a press release announcing its fourth quarter and year-end results for fiscal 2003, the period ended December 31, 2003. At that time, the Company also disclosed that AGCO received an informal inquiry from the SEC asking AGCO for its policies and related information with regard to AGCO's accounting for revenue recognition (particularly bill and hold transactions), sales and sales returns and allowances, plant and facility closing costs and reserves, and personal use of corporate aircraft. Upon this news, shares of the Company's stock fell approximately 16%, or $3.10 per share, to close at $16.25 per share on extremely high trading volume.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Constr. & Agric. Machinery
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AG
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: N.D. Georgia
DOCKET #: 04-CV-961
JUDGE: Hon. Matthew F. Kennelly
DATE FILED: 02/06/2004
CLASS PERIOD START: 02/06/2003
CLASS PERIOD END: 02/05/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brian Felgoise
    230 South Broad Street, Suite 404 , Brian Felgoise, PA 19102
    215.735.6810 215/735.5185. ·
  2. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  3. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  4. Holzer Holzer & Cannon, LLP
    1117 Perimeter Center West, Suite E-107 , Holzer Holzer & Cannon, LLP , GA 30338
    888.508.6832 · holzerlaw@aol.com
  5. Kenneth A. Elan (Chicago )
    30 North LaSalle Street, Suite 3200, Kenneth A. Elan (Chicago ), IL 60602
    312782.4880 · mmiller@millerfauchner.com
  6. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  7. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  8. Much Shelist Freed Denenberg Ament & Rubenstein, PC

    800-470-6824 312-621-1750 ·
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 04-CV-1099
JUDGE: Hon. Matthew F. Kennelly
DATE FILED: 04/20/2004
CLASS PERIOD START: 02/06/2003
CLASS PERIOD END: 02/05/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  2. Chitwood & Harley LLP (Atlanta)
    7945 East Paces Ferry Road, 1400 Resurgens Plaza, Chitwood & Harley LLP (Atlanta), GA 30326
    404.266.1650 · info@chitwoodlaw.com
  3. Miller Faucher and Cafferty LLP
    30 North LaSalle Street, Miller Faucher and Cafferty LLP, IL 60602
    312.782.4880 ·
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date