NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Caterpillar, Inc. (NYSE: CAT).
On March 2, 2017, law enforcement executed search warrants on Caterpillar’s facilities in Illinois. Subsequently, Caterpillar stated: “We believe the execution of this search warrant is regarding, among other things, export filings that relate to the [Caterpillar SARL] matter,” referring to its Swiss subsidiary. Bloomberg News reported that the warrants “sought evidence related to potential crimes, including ‘failure to file or submitting false electronic export information’ and ‘false and misleading financial reports and statements.’” The New York Times reported that a new report commissioned by the federal government accuses Caterpillar of carrying out tax and accounting fraud to boost its stock price and outlines a company strategy for bringing home billions of dollars of offshore money while avoiding federal taxes on those earnings.
Thereafter, Caterpillar and certain of its executives were sued in a class action lawsuit, charging them with violations of federal securities laws.
On March 29, 2017, Caterpillar’s director of investor relations disclosed that “the search warrant was broader than just the matters related around the IRS issue, so it included export filings among other things.”
KSF’s investigation is focusing on whether Caterpillar’s officers and/or directors breached their fiduciary duties to Caterpillar’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-time holder of Caterpillar shares, and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.