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Home > BizTimes Daily > Archives > October 15, 2008
Class action stock lawsuit filed against Oshkosh Corp.
Published October 15, 2008 - BizTimes Daily
A class action lawsuit has been filed against Oshkosh Corp. with allegations that the company misled investors.
The lawsuit was filed in the United States District Court for the Eastern District of Wisconsin on behalf of investors who purchased Oshkosh Corp. stock shares between Nov. 1, 2007, through June 25, 2008.
The suit was filed on behalf of investors by Schiffrin Barroway Topaz & Kessler LLP of Radnor, Pa.
The complaint accuses Oshkosh Corp. and its officers and directors of violating the Securities Exchange Act of 1934.
The suite alleges that the company failed to disclose a significant decrease in demand for the products of its JLG access-equipment division and "the company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made."
On June 26, Oshkosh Corp. announced it expected to incur a loss of approximately $1.22 to $1.32 per share for the third quarter of fiscal 2008, in contrast to the company's previous earnings per share estimate of $1.40 to $1.50 of income for the quarter. The stock then fell $11.22 per share, or 33.48 percent, to close on June 26, at $22.29 per share, on unusually heavy trading volume.
