GARDEN CITY, N.Y.--(BUSINESS WIRE)--JFJN Law (the “firm) announces the filing of a class action lawsuit against Caterpillar, Inc. (“Caterpillar” or the “Company”) (NYSE:CAT). Investors who purchased or otherwise acquired shares between February 19, 2013 and March 1, 2017 inclusive (the “Class Period”) are encouraged to contact the Firm in advance of the May 2, 2017 lead plaintiff motion deadline.
If you purchased shares of Caterpillar during the Class Period, please contact Justin Frankel, Esq. or Jason Newfield, Esq., of JFJN Law, 1-888-459-0507 or click here before May 2, 2017.
There has not been a class certification of this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
The action alleges that, between February 19, 2013 and March 1, 2017, inclusive (the “Class Period”), Caterpillar made false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the action claims that Defendants made false and misleading statements or failed to disclose that: (i) Caterpillar unlawfully used foreign subsidiaries to avoid paying billions of dollars in U.S. taxes; (ii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) as a result of the foregoing, Caterpillar’s public statements were materially false and misleading at all relevant times.
The truth behind Caterpillar’s improper tax avoidance scheme and the related risks to the Company did not fully come to light until March 2, 2017, when federal agents conducted a raid to execute a search warrant on three Company offices including the Company’s global headquarters in Peoria, Illinois. The search team included personnel from a number of agencies: (1) the Criminal Investigation Unit of the IRS; (2) the Office of Export Enforcement of the U.S. Department of Commerce’s Bureau of Industry and Security; and (3) the Office of Inspector General of the Federal Deposit Insurance Corporation.
In response to the news of the multi-agency raid, Caterpillar’s stock price fell $4.22 per share, or 4.28 percent, to close at $94.36 per share that day, causing harm to investors.
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