28.12.2009

Another law firm files against Terex

A second law firm, the Kendall Law Group, has announced that it has filed lawsuit against Terex Corporation for possible securities violations related to public statements made between February 20th, 2008 and September 4th, 2008.
See original report

The complaint, filed in the in the United States District Court for the District of Connecticut, charges Terex and certain directors with violations of the federal securities laws.

The suit alleges that “the company failed to properly and timely account for impaired assets in its “Construction” and “Roadbuilding, Utility Products and Other” segments, while demand for products in its Construction, Materials Processing and Aerial Work Platform segments was declining.”

“Based on this, the board of directors had no reasonable basis for causing the Company to issue positive statements.”