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Fleetwood Enterprises Inc (NYSE: FLE) Investor Securities Class Action Lawsuit 09/01/2009

  • If you purchased shares of Fleetwood Enterprises Inc (NYSE: FLE), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Fleetwood Enterprises, Inc.
Security
NYSE: FLE

Case Name
Fleetwood Enterprises Shareholder Class Action Lawsuit 09/01/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 31, 2011 - The court granted defendants' motion to dismiss.
June 3, 2010 - Defendants filed a motion to dismiss.

April 19, 2010 - The lead plaintiff filed an amended consolidated complaint.

February 2, 2010 - Lead plaintiff and lead counsel were appointed.

November 2, 2009 - Lead plaintiff motion was filed.

September 1, 2009 - An investor in shares of Fleetwood Enterprises Inc (NYSE: FLE) filed a lawsuit in the U.S. District Court for the Central District of California on behalf of purchasers of the common stock of Fleetwood Enterprises Inc (NYSE: FLE) between December 6, 2007 and March 10, 2009, over alleged securities laws violations by certain Fleetwood Enterprises Inc’s former executives.

According to the complaint the plaintiff alleges that certain of Fleetwood Enterprises Inc’s former executives violated the Securities Exchange Act of 1934 by issuing between December 6, 2007 and March 10, 2009 numerous positive statements regarding Fleetwood Enterprises Inc’s financial condition, business and prospects, that were materially false and misleading because defendants failed to disclose adverse facts. Fleetwood Enterprises Inc is not named as a defendant because it and its core operating subsidiaries filed for bankruptcy protection in March 2009. Then on March 10, 2009, Fleetwood Enterprises Inc issued a press release announcing that it had “filed voluntary Chapter 11 petitions for itself and certain operating subsidiaries in the U.S. Bankruptcy Court for the Central District of California.” Fleetwood Enterprises Inc also announced that it was closing its travel trailer division. As a direct result of information disclosed in March 2009, the price of Fleetwood Enterprises Inc common stock fell precipitously, falling to $0.0103 per share on March 10, 2009, so the lawsuit.

Fleetwood Enterprises Inc, located in Riverside, California, is engaged in producing both recreational vehicles and manufactured housing. The company also operates three supply companies that provide components for the recreational vehicle and housing operations, while also generating outside sales. Fleetwood Enterprises Inc reported in 2006 (ending on April, 29, 2007) Total Revenue of $1.91935billion and in 2007 (ending on April 27, 2009) Total Revenue of $1.65998billion.