Lawsuit Overview
April 23, 2010 - The lead plaintiffs filed a notice of appeal.
March 26, 2010 - The court granted defendants' motion to dismiss.
January 2, 2009 - Defendants filed a motion to dismiss.
November 3, 2008 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased European Aeronautic Defence & Space Company (Frankfurt: EAD.F, MCE: EAD.MC, Paris: EAD.PA) common shares between July 27, 2005 and March 9, 2007. The lead plaintiff allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 27, 2005 and March 9, 2007.
September 18, 2008 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
August 11, 2008 - Lead plaintiff motion was filed.
August 8, 2008 - The plaintiff filed an amended complaint on behalf of investors who purchased European Aeronautic Defence & Space Company (Frankfurt: EAD.F, MCE: EAD.MC, Paris: EAD.PA) common shares between January 17, 2005 and March 11, 2008. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 17, 2005 and March 11, 2008.
June 12, 2008 - An investor in shares of European Aeronautic Defence & Space Company (EADS) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of U.S. citizens who purchased the publicly traded stock of European Aeronautic Defence & Space Company (EADS) on the Frankfurt (Frankfurt: EAD.F), Madrid (Mercado Continuo: EAD.MC) and/or Paris (Paris: EAD.PA) stock exchanges.
The complaint charges European Aeronautic Defence & Space Company (EADS) and certain of its officers and directors with violations of the Exchange Act.
The complaint alleges that, between January 17, 2005 and June 13, 2006, European Aeronautic Defence & Space Company (EADS) falsely assured the investing public that it would overcome the technical problems in the production of European Aeronautic Defence & Space Company (EADS)’s Airbus A380 commercial jets (”A380″) and it would be able to meet its year-end delivery deadlines. Moreover, European Aeronautic Defence & Space Company (EADS) issued numerous positive statements which described European Aeronautic Defence & Space Company (EADS)’s increasing financial performance.
According to the complaint, these statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts, among others: (i) that European Aeronautic Defence & Space Company (EADS) was experiencing insurmountable delays in the manufacture of the A380 commercial jet; (ii) that European Aeronautic Defence & Space Company (EADS) would be required to compensate its customers for these delays through discounts and certain customers would likely be canceling their entire orders; and (iii) that, as a result of the foregoing, European Aeronautic Defence & Space Company (EADS)’s ability to receive new contract awards from commercial airliners and its ability to reap future revenues at the levels that it was projecting would be in serious doubt.
On June 13, 2006, European Aeronautic Defence & Space Company (EADS) announced that its Airbus subsidiary was having production problems with the A380 commercial jet, which would cause a significant delay in delivery to its customers. European Aeronautic Defence & Space Company (EADS) also issued a profit warning beyond 2006 which was attributable to these delays and announced that it anticipated annual shortfalls of EUR 500 million, without taking into account possible contract terminations from existing customers. Upon this announcement, shares of European Aeronautic Defence & Space Company (EADS) fell EUR 6.69 per share, or 26%, to close at EUR 18.73 per share, on unusually heavy trading volume.
European Aeronautic Defence & Space Company (EADS) manufactures airplanes and military equipment. European Aeronautic Defence & Space Company (EADS) produces commercial aircrafts, including the various Airbus models, military fighter aircrafts, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems.