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Case Status:    SETTLED
On or around 08/01/2019 (Other)

Filing Date: December 21, 2009

According to a press release dated December 21, 2009, the complaint charges Terex and certain of its officers and executives with violations of the Securities Exchange Act of 1934. Terex operates as a diversified global manufacturer. The Company manufactures a range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility industries.

The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (i) that the Company failed to properly and timely account for impaired assets in its “Construction” and “Roadbuilding, Utility Products and Other” segments; (ii) that the Company was experiencing declining demand for its products in its Construction, Materials Processing and Aerial Work Platforms segments; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.

On September 4, 2008, Terex announced that it was updating its “2008 full year guidance and providing quarterly guidance due to changing market conditions.” In response to these statements which revealed various adverse factors negatively impacting Terex’s business, the price of Terex stock fell $9.30 per share, or 20%, to close at $38.02 per share.

On September 13, 2010, the Court issued an Order appointing Lead Plaintiff and Counsel. On November 18, 2010, Lead Plaintiff filed a consolidated Complaint.

On December 03, 2010, a corrected consolidated Complaint was filed by the Lead Plaintiff. Defendants filed a Motion to Dismiss the consolidated Complaint on January 18, 2011.

On March 31, 2018, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss the Complaint. On March 27, 2019, the parties entered into a Settlement Agreement. The Court issued an Order preliminarily approving the Settlement on April 15. On July 31, the Court granted final approval of the Settlement and entered Final Judgment.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TEX
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: D. Connecticut
DOCKET #: 09-CV-02083
JUDGE: Hon. Robert N. Chatigny
DATE FILED: 12/21/2009
CLASS PERIOD START: 02/20/2008
CLASS PERIOD END: 09/04/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (NY)
  2. Diserio Martin O'Connor & Castiglioni LLP
  3. Sugarman & Susskind
No Document Title Filing Date
COURT: D. Connecticut
DOCKET #: 09-CV-02083
JUDGE: Hon. Robert N. Chatigny
DATE FILED: 09/13/2010
CLASS PERIOD START: 02/20/2008
CLASS PERIOD END: 02/11/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cavanagh & O'Hara
  2. Diserio Martin O'Connor & Castiglioni LLP
  3. Robbins Geller Rudman & Dowd LLP (Boca Raton)
  4. Robbins Geller Rudman & Dowd LLP (Melville)
  5. Sugarman & Susskind
No Document Title Filing Date
No Document Title Filing Date