Robbins Arroyo LLP Announces Terex Corporation (TEX) Securities Class Action Survives Motion to Dismiss
SAN DIEGO & WESTPORT, Conn.--(BUSINESS WIRE)--Sep 26, 2018--Shareholder rights law firm Robbins Arroyo LLP announces Terex Corporation (NYSE: TEX) may face damages caused by a pending securities class action lawsuit. Terex manufactures and sells aerial work platforms, cranes, and materials processing machinery worldwide.
Investors filed a class action complaint against Terex for alleged violations of the Securities Exchange Act of 1934. According to the complaint, Terex used improper accounting practices and falsely touted the company’s business prospects in order to disguise dramatically declining demand for its products. Specifically, Terex prematurely recognized revenue in connection with product sales by moving its products to off-site locations and reporting them as sold, even though they were not being sent to customers. Terex’s attempts to boost sales, meet market expectations, and maintain unrealistic financial projections were in vain, as the company eventually admitted a significant net loss and massive goodwill impairment charges. On March 31, 2018, U.S. District Judge Robert N. Chatigny denied in part defendants’ motion to dismiss plaintiff’s complaint, paving the way for litigation to proceed.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/terex-corporation-sep-2018/
Terex Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180926005998/en/
CONTACT: Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA CONNECTICUT
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SOURCE: Robbins Arroyo LLP
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PUB: 09/26/2018 04:09 PM/DISC: 09/26/2018 04:09 PM