Class Period: Feb 20, 2008 to Feb 11, 2009
Lead Plaintiff Deadline: Feb 19, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Terex Corporation (TEX) ("Terex" or the "Company") on behalf of all securities purchasers from February 20, 2008 through September 4, 2008, inclusive ("Class Period"), in the United States District Court of Connecticut.
The complaint alleges that throughout the Class Period, defendants failed to disclose material adverse facts about the Terex'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.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.