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post #1 of 9 (permalink) Old 06-06-2005, 01:22 PM Thread Starter
Jim
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hmmmmmmmmmm

Class Action Suit Filed Against Harley-Davidson In Federal Court
By Dirck Edge
According to a statement by the law firm of Lerach Coughlin, etc. published on their web site on May 25 2005, a class action lawsuit has been commenced on behalf of investors in Harley stock against Harley Davidson, Inc. in Federal Court in Wisconsin.

The law firm refers to a disclosure by Harley-Davidson on April 13, 2005 that it would be forced to cut production of new 2005 motorcycles (as previously reported by MD) due to declining demand and increased inventories at its dealers. Here is an excerpt from the May 25 2005 statement by Lerach Coughlin. The entire statement can be found here.

According to the complaint, during the Class Period, as defendants continued reporting quarter after quarter of “record” revenues and earnings, promising mid-teen earnings per share growth rates in fiscal 2005 and that Harley-Davidson would break the psychological barrier of shipping 400,000 new motorcycles by 2007, Harley-Davidson’s stock price traded at inflated levels, increasing to as high as $63.75 on July 14, 2004. During this same period, defendants caused Harley-Davidson to repurchase 10.6 million shares for $564 million in fiscal 2004 and another 2.9 million shares for over $175 million during the first quarter of 2005, further driving up the Company’s stock price. Meanwhile, the Company’s top officers and directors sold almost $92 million worth of their own shares, including the Company’s Chairman and Chief Executive Officer who sold over $50 million worth of Harley-Davidson stock himself. Then, on the April 13, 2005 disclosure, the Company’s stock price plummeted by 16.7% in a single trading session, or $9.84 per share, and would fall a total of 22% by April 15, 2005. Over $3.6 billion in market capitalization was erased.

The complaint alleges that the true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) demand for Harley-Davidson motorcycles was declining and the Company’s market share was shrinking; (b) the number of unsold 2004 and 2005 model year motorcycles in dealer inventories was growing exponentially; and (c) over-stocked inventories were running down the price dealers could obtain for new motorcycles.

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post #2 of 9 (permalink) Old 06-06-2005, 01:27 PM
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Harley is sueing S+S motors for patent infrigment.
http://www.ama-cycle.org/news/2005/HDlawsuit.asp
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post #3 of 9 (permalink) Old 06-06-2005, 01:45 PM
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Ive got a pile of CA suits on my desk...whenever a stock tanks, there's a line of people ready to sue. The typical complaint surrounds improper disclosure.

These cases drag on for years.

We own HDI so Im sure I'll see it soon enough.
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post #4 of 9 (permalink) Old 06-06-2005, 07:20 PM Thread Starter
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to say the least its very interesting if those are indeed the facts

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post #5 of 9 (permalink) Old 06-06-2005, 07:48 PM
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Quote:
Originally Posted by JimGoFast
to say the least its very interesting if those are indeed the facts
About the ONLY way the plantiff can win this is if the Harley execs were selling stock too close to the disclosure date. Most companies have mandatory "no trading times" before and after financial disclosures for the folks with stock options.

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post #6 of 9 (permalink) Old 06-06-2005, 09:47 PM
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Gee, what else is new? Didn't these jokers learn anything from Martha?

There is nothing firm, nothing balanced, nothing durable in all the universe. Nothing remains in its original state, each day, each hour, each moment, there is change. Change is the essence of life. Embrace change as you do life. To fight change is to live in the past.
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post #7 of 9 (permalink) Old 06-07-2005, 07:52 AM
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You mean that going from a waiting list to get a harley to having 3 or more of last years and this years model in stock wasn't clue enough that they were not selling.

I'm not short. I'm aerodynamically efficient.

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post #8 of 9 (permalink) Old 06-07-2005, 08:19 AM
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Looks like they upped productiona bit too much. What pissing them off is they actually might have to haggle to sell their bikes instead of just treating the customer like an annoyance and if you dont buy it someone else will in 15 minutes. Sorry still al little bitter over my conrads experience




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post #9 of 9 (permalink) Old 06-07-2005, 09:17 AM
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Sorry to hear you went to Conrad's. I'd be surprised if those guys could find their asses with both hands.
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