NEW YORK, Jan. 21 /PRNewswire-USNewswire/ -- Zwerling, Schachter & Zwerling, LLP ("Zwerling Schachter") announces that it has filed a class action lawsuit in the United States District Court for the District of Connecticut on behalf of all persons or entities who purchased or otherwise acquired the securities of Terex Corporation ("Terex" or the "Company") (NYSE: TEX) during the period from February 20, 2008 through February 11, 2009, inclusive (the "Class Period") to recover damages caused by defendants' violations of the federal securities laws.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the complaint claims that defendants issued statements during the Class Period that were materially false and misleading because they failed to disclose and misrepresented the following material adverse facts, including that: (a) defendants failed to properly and timely account for certain impaired assets within the Company including in its "Construction" and "Roadbuilding, Utility Products and Other" segments/units; (b) Terex was experiencing declining demand for its products in its Construction, Materials Processing and Aerial Work Platforms segments; (c) Terex's financial condition was weaker than represented; (d) Terex was not as prepared and diversified as represented to withstand its significant exposure to a weakening global credit market and economy; and (e) the defendants lacked a reasonable basis for positive statements and representations concerning Terex's Fiscal Year ("FY") 2008 earnings guidance and the Company's overall business prospects.
On September 4, 2008, Terex disclosed both its: (a) updated FY 2008 financial guidance (which lowered earnings per share guidance); and (b) adverse news concerning certain of the Company's segments' weakening financial performances. These negative disclosures were followed by a decline of 20%, or $9.30 a share in the price of Terex common stock.
On February 11, 2009, Terex announced its Fourth Quarter 2008 and FY 2008 results which included goodwill impairment charges that reduced net income by a dramatic $4.60 a share for FY 2008. Following news of the Company's poor financial results and forecast, Terex stock fell $4.17 a share to close at $9.45 a share on February 12, 2009.
If you purchased the securities of Terex during the Class Period, you may apply to serve as lead plaintiff. The lead plaintiff is responsible for overseeing the prosecution of the action and ensuring that the interests of the class are protected. Should you desire to be lead plaintiff, you may apply to be appointed through Zwerling Schachter, as counsel. The lead plaintiff deadline is February 19, 2010.
If you wish to discuss this securities class action or have any questions concerning your rights and interests with respect to this matter, please contact Shaye Fuchs, Esq. at Zwerling Schachter at (800) 721-3900 or by e-mail at [email protected].
Zwerling Schachter concentrates its law practice in prosecuting class actions nationwide on behalf of investors. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts and has offices in New York, Garden City, N.Y., and Seattle. The firm has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities class action litigation.
Visit our website at: www.zsz.com.
SOURCE Zwerling, Schachter & Zwerling, LLP