RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the Northern District of Illinois on behalf of all persons or entities that purchased Caterpillar, Inc. (“Caterpillar” or the “Company”) (NYSE: CAT) securities between February 19, 2013 and March 1, 2017, inclusive (the “Class Period”).
Caterpillar shareholders may, no later than May 2, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Caterpillar and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com.
On March 2, 2017, the Company admitted that law enforcement agents were present in various Caterpillar facilities executing a search warrant. And, various news sources have reported that federal agents from the IRS, FDIC and Commerce Department were searching the Company’s offices.
On this news, shares of Caterpillar fell approximately 4.28% to close at $94.36 per share on March 2, 2017.
On March 8, 2017, The New York Times published an article entitled “Caterpillar Is Accused In a Report Of Fraud.” The article concerns a report commissioned by the government and quoted its author. According to the Times, the author wrote, “Caterpillar did not comply with either U.S. tax law or U.S. financial reporting rules”, “I believe that the company’s noncompliance with these rules was deliberate and primarily with the intention of maintaining a higher share price”, and “[t]hese actions were fraudulent rather than negligent.” On this news, shares of Caterpillar fell another 2%.
If you are a member of the class, you may, no later than May 2, 2017, request that the Court appoint you as lead plaintiff of the class. 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 adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.