This is a securities fraud class action lawsuit against Oshkosh Corporation and certain of its officers and directors.
The class action complaint alleges that, during the Class Period, Oshkosh materially misled the investing public, thereby inflating the price of Oshkosh's common stock. As alleged in the class action complaint, these statements and omissions were materially false and misleading in that they failed to disclose the following adverse facts which were known to Oshkosh, or recklessly disregarded by them:
(a) that synergies related to Oshkosh'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's European refuse business was impaired and overstated and should have been written down;
c) that Oshkosh's JLG access-equipment division was experiencing a dramatic decrease in demand; and
(d) that, as a result of the foregoing, Oshkosh lacked any reasonable basis to maintain its financial guidance for fiscal 2008.
On June 26, 2008, Oshkosh 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's European refuse collection vehicle manufacturer, the Geesink Norba Group. Following this disclosure, shares of Oshkosh common stock dropped 33%, to close at $22.29 per share, on extraordinary trading volume in excess of 10.8 million shares.
Name (Stock Symbol)
Oshkosh Corporation (OSK)
Oshkosh Corporation designs and builds specialty trucks, truck bodies and access equipment.
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