Lawsuit Overview
April 1, 2010 - The court ordered the case dismissed with prejudice.
March 30, 2010 - The court granted the defendants' motion to dismiss with prejudice.
July 24, 2009 - Defendants filed a motion to dismiss.
May 18, 2009 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased OSK common shares between November 26, 2003 and June 25, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 26, 2003 and June 25, 2008.
February 11, 2009 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
November 18, 2008 - Lead plaintiff motions were filed.
September 19, 2008 - An investor in shares of Oshkosh Corporation (NYSE: OSK) filed a lawsuit in the U.S. District Court for the Eastern District of Wisconsin against OshKosh Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 1, 2007 and June 25, 2008.
According to the complaint the plaintiff charges Oshkosh Corporation and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between November 1, 2007 and June 25, 2008 defendant issued materially false and misleading statements regarding Oshkosh Corporation's business and financial results.
As alleged in the complaint, these statements and omissions were materially false and misleading in that they failed to disclose the following adverse facts which were known to defendants, or recklessly disregarded by them: (a) that synergies related to Oshkosh Corporation’s European facility rationalization program for its refuse business, the Geesink Norba Group, were lower and the cost of such rationalization was higher than represented; (b) that the value of Oshkosh Corporation’s European refuse business was impaired and overstated and should have been written down; (c) that Oshkosh Corporation’s JLG access-equipment division was experiencing a dramatic decrease in demand; and (d) that, as a result of the foregoing, Oshkosh Corporation lacked any reasonable basis to maintain its financial guidance for fiscal 2008.
On June 26, 2008, Oshkosh Corporation announced that it was revising downwards the estimates for its third quarter and full fiscal 2008 financial results because of, among other things, the impairment of its goodwill associated with Oshkosh Corporation's European refuse collection vehicle manufacturer, the Geesink Norba Group. Following this disclosure, shares of Oshkosh Corporation's (NYSE: OSK) common stock dropped 33%, to close at $22.29 per share, on extraordinary trading volume in excess of 10.8 million shares.