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Hardinge Inc (NASDAQ: HDNG) Investor Securities Class Action Lawsuit 10/29/2008

  • If you purchased shares of Hardinge Inc (NASDAQ: HDNG), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Hardinge Inc
Security
NASDAQ: HDNG

Case Name
Hardinge Shareholder Class Action Lawsuit 10/29/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Western District of New York

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

February 3, 2010 - The court ordered the case dismissed with prejudice.
February 2, 2010 - The court granted the defendant's motion to dismiss.

May 29, 2009 - Defendants filed a motion to dismiss.

March 30, 2009 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Hardinge Inc (NASDAQ: HDNG) common shares between January 16, 2007 and February 21, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 16, 2007 and February 21, 2008.

January 23, 2009 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

December 29, 2008 - Lead plaintiff motion was filed.

October 29, 2008 - An investor in shares of Hardinge Inc (NASDAQ: HDNG) filed a lawsuit in the U.S. District Court for the Western District of New York against Hardinge Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff charges Hardinge Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between February 22, 2007 and February 21, 2008 defendant issued materially false and misleading statements regarding Hardinge Inc's business and financial results.

The stockholder alleges that between February 22, 2007 and February 21, 2008 defendants knew or recklessly disregarded that their public statements concerning Hardinge Inc’s business, operations and prospects were materially false and misleading. Specifically on February 21, 2008, Hardinge Inc shocked investors when it revealed that in the fourth quarter of the fiscal year ending December 31, 2007, Hardinge Inc experienced a combination of prior period accounting adjustments and the negative impact of operational initiatives to reduce inventory which contributed to an unexpected loss in the fourth quarter of 2007 and Hardinge Inc’s fourth quarter and full year 2007 earnings reflected a significant and unexpected reduction in its gross margin. In addition Hardinge Inc announced plans to lower inventory by $20 million and to discount inventory of older product lines, both of which would continue to constrain the Hardinge Inc's margins during the 2008 fiscal year and as a result of this news, Hardinge Inc’s (NASDAQ: HDNG) shares declined $4.16 per share, or 25.43 percent, to close on February 21, 2008 at $12.20 per share, on unusually heavy trading volume, per the lawsuit.