Caterpillar, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Caterpillar designs, manufactures, and markets construction, mining, and forestry machinery. The company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.
The Class Period commences on February 19, 2013, when Caterpillar filed an annual report on Form 10-K announcing the company’s financial and operating results for the quarter and fiscal year ended December 31, 2012.
The complaint alleges that, on March 2, 2017, law enforcement officials executing a search warrant searched the company’s headquarters in Peoria, Illinois. The Peoria Journal Star newspaper reported, in part, “Federal officials seized documents and electronic records from three Caterpillar Inc. facilities, including the global headquarters Downtown, on Thursday as an apparent part of a criminal investigation into the company's tax strategy.” The newspaper further reported, “The investigation appears to stem from revelations about the company’s tax strategy as outlined in a 2009 federal wrongful termination lawsuit brought by Daniel Schlicksup. The lawsuit alleged the company shifted profits overseas and to offshore shell companies to avoid paying more than $2 billion in U.S. taxes.”
On that same day, it was further reported that the federal government agencies involved included the Internal Revenue Service’s (“IRS”) Criminal Investigation Unit, the U.S. Department of Commerce Office Bureau of Industry and Security’s Office of Export Enforcement and the Federal Deposit Insurance Corporation’s Office of Inspector General.
Following this news, Caterpillar’s share price fell $4.22, or 4.28%, to close at $94.36 per share on March 2, 2017.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Caterpillar unlawfully used foreign subsidiaries to avoid paying billions of dollars in U.S. taxes; (ii) discovery of the foregoing conduct would subject the company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) as a result of the foregoing, Caterpillar’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than May 2, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will will adequatley represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7704 (toll free) or 1-610-667-7706
Or by e-mail at firstname.lastname@example.org