Lawsuit Overview
July 3, 2020 - The court granted in part and denied in part the defendants' motion for summary judgement.
August 27, 2019 - The defendants filed a motion for summary judgement, requesting case dismissal.
August 22, 2017 - The court denied the defendants' motion to dismiss.
November 10, 2016 - A motion to dismiss was filed.
September 26, 2016 - An amended complaint was filed.
March 25, 2016 - An investor in shares of Precision Castparts Corp (formerly NYSE: PCP) filed a lawsuit in the U.S. District Court for the District of Oregon over alleged violations of Federal Securities Laws by Precision Castparts Corp in connection with certain allegedly false and misleading statements made between May 9, 2013 and January 15, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Precision Castparts Corp (formerly NYSE: PCP) common shares between May 9, 2013 and January 15, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Defendants made false and/or misleading statements and/or failed to disclose that Precision Castparts Corp was losing significant market share to its competitors, that this loss of business to competitors was not, as Precision Castparts Corp represented, a temporary decline in sales that would reappear in the near future, but was instead a permanent decline in demand for the Company’s products, and that, as a result, the Company’s positive statements about its business, operations, and prospects lacked a reasonable basis.
On August 10, 2015, the boards of directors of Berkshire Hathaway Inc. and Precision Castparts Corp (NYSE: PCP) have approved an agreement for Berkshire Hathaway to acquire, for $235 per share in cash, all outstanding Precision Castparts Corp (NYSE: PCP) shares. The transaction is valued at approximately $37.2 billion, including outstanding PCC net debt.