Ford Motor Company (NYSE: F) Investor Securities Class Action Lawsuit 01/29/2002

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Company Name(s): 
Ford Motor Company
Case Name: 
Ford Motor Company Shareholder Class Action Lawsuit 01/29/2002
Case Status: 
Case Dismissed
Affected Securities
NYSE: F
Lawsuit Overview
Date Filed: 
01/29/2002
Class Period Begin: 
03/21/2001
Class Period End: 
01/10/2002
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
04/01/2002
Case Dismissed: 
01/13/2006
Summary: 

January 13, 2006 - The court of appeals ordered, adjudged and decreed that the judgment of the district court is affirmed.

February 7, 2005 - The lead plaintiffs filed a notice of appeal.

January 20, 2005 - The court granted the defendants’ motion to dismiss.

May 5, 2004 - The defendants filed a motion to dismiss.

March 29, 2004 - The lead plaintiffs filed a corrected amended consolidated complaint.

March 24, 2004 - The defendants filed a motion to dismiss.

November 11, 2003 - The lead plaintiffs filed an amended consolidated complaint.

September 25, 2003 - The court granted defendants' motion to dismiss with plaintiffs leave to file an amended complaint.

November 15, 2002 - The defendants filed a motion to dismiss.

November 8, 2002 - The lead plaintiffs filed a corrected consolidated complaint on behalf of investors who purchased Ford Motor Company (NYSE: F) common shares between March 21, 2001 and January 10, 2002. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 21, 2001 and January 10, 2002.

July 31, 2002 - The lead plaintiffs filed an amended consolidated complaint.

April 19, 2002 - Lead plaintiffs and lead counsel were appointed.

April 1, 2002 - Lead plaintiff motions were filed.

January 29, 2002 - An investor in shares of Ford Motor Company (NYSE: F) filed a lawsuit in the U.S. District Court for the Southern District of New York against Ford Motor Company over alleged violations of Federal Securities Laws.

The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market before and during the time from December 1, 1998 and January 2, 2002, thereby artificially inflating the price of Ford common stock.

The complaint alleges that Ford Motor Company's representations were rendered false and misleading by Ford Motor Company's failure to disclose: (a) that Ford Motor Company's management purposely had made and failed to hedge large commitments to purchase platinum, palladium, rhodium or similar commodities at very high prices, (b) that the declines in the prices of such commodities during the time from December 1, 1998 and January 2, 2002 (which, to outward appearances, were favoring Ford Motor Company's business) were not helping Ford Motor Company and, on the contrary, were hurting Ford Motor Company's business and prospects, (c) that these large unhedged purchase commitments had placed Ford Motor Company at a disadvantage to, for example, General Motors, and/or (d) that the large unhedged purchase commitments by Ford Motor Company's management were exposing Ford Motor Company to potentially in excess of $1 billion in losses from price declines that would have been favorable to Ford Motor Company.

The complaint further alleges that defendants made false and misleading statements to conceal top management's errors and speculation, and Ford Motor Company's true financial and competitive position. Only after defendants Jacques Nasser and Henry D.G. Wallace had departed the employment of Ford Motor Company, did defendants, on January 11, 2002, belatedly disclose the foregoing material adverse facts in Ford Motor Company's "write-off" of one billion dollars of charges (or losses) relating to such unhedged commodity exposure.