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Thor Industries Inc (NYSE: THO) Investors Class Action Lawsuit 06/25/2010

  • If you purchased shares of Thor Industries Inc (NYSE: THO), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Thor Industries, Inc.
Security
NYSE: THO

Case Name
Thor Industries Shareholder Class Action Lawsuit 06/25/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Ohio

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

September 7, 2010 - The plaintiff filed a notice of voluntary dismissal without prejudice.
June 25, 2010 - An investor in shares of Thor Industries Inc (NYSE: THO) filed a lawsuit in the U.S. District Court for the Southern District of Ohio against Thor Industries Inc (NYSE: THO) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 30, 2009 and June 10, 2010.

According to the complaint the plaintiff charges Thor Industries Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between November 30, 2009 and June 10, 2010 defendants issued materially false and misleading statements regarding Thor Industries Inc's business and financial results.

On June 10, 2010, Thor Industries Inc issued a press release in which it announced that it was postponing the release of Thor’s 10-Q report for the period ended April 30, 2010, due to their evaluation of certain accounting positions previously taken by Thor Industries Inc in its fiscal year 2009 and quarterly periods ended January 31, 2009, April 30, 2009, October 31, 2009 and January 31, 2010. If Thor Industries Inc is required to change its accounting for these items, there could be material adverse changes to Thor Industries Inc's results of operations and financial condition for fiscal 2009 and for the first three quarters of fiscal 2010, so the complaint. The price of Thor Industries Inc (NYSE: THO) common stock was trading at $28.39 per share prior to the release of the news, and traded as low as $20.74 per share after the news was revealed -- a decline of approximately 27%. Shares of Thor Industries Inc (NYSE: THO) traded recently at $25.56 per share, down from its 52 week High of $36.85 per share, $51.44 per share in 2007, and $55.66 per share in 2006.

Thor Industries Inc, located in Jackson Center, Ohio, is engaged in manufacturing and selling a range of recreation vehicles, and small and mid-size buses in the United States and Canada. Thor Industries Inc reported in 2007 Total Revenue of $2.85631 billion, in 2008 $2.64068 billion, and in 2009 $1.5219 billion.