NEW ORLEANS, March 24, 2017 /PRNewswire/ -- 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 officials executing search warrants raided the Company's facilities in Peoria, Illinois. Later that day, Caterpillar issued a statement discussing the raids, stating: "We believe the execution of this search warrant is regarding, among other things, export filings that relate to the CSARL matter," referring to its Swiss subsidiary Caterpillar SARL. Bloomberg News subsequently 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. The report outlines a company strategy for bringing home billions of dollars of offshore money while avoiding federal income taxes on those earnings, according to the Times.
Thereafter, Caterpillar and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws.
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.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC