NEW YORK, March 15, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Caterpillar Inc. (“Caterpillar” or the “Company”) (NYSE:CAT) of the May 2, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Caterpillar securities between February 19, 2013 and March 1, 2017 (the “Class Period”). The case, Newman v. Caterpillar, Inc. et al, No. 1:17-cv-01713 was filed on March 3, 2017, and has been assigned to Judge Sharon Johnson Coleman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Caterpillar unlawfully used foreign subsidiaries to avoid paying billions of dollars in U.S. taxes; (ii) discovery of the aforementioned conduct would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) as a result, the Company’s public statements were materially false and misleading.
Specifically, on March 2, 2017, law enforcement officials executing search warrants raided the Company’s facilities in Peoria, Illinois. Later that day, the Company issued a statement discussing the federal law enforcement raids to its facilities, stating: “We believe the execution of this search warrant is regarding, among other things, export filings that relate to the CSARL matter,” referring to its Swiss subsidiary Caterpillar SARL. Additionally, Bloomberg News reported that the warrants "sought evidence related to potential crimes, including 'failure to file or submitting false electronic export information' and 'false and misleading financial reports and statements.'"
On this news, Caterpillar’s share price fell from $98.58 per share on March 1, 2017 to a closing price of $94.36 on March 2, 2017—a $4.22 or a 4.28% drop.
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If you invested in Caterpillar securities between February 19, 2013 and March 1, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/CAT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Caterpillar’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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