Terex Corporation (NYSE: TEX) Investor Securities Class Action Lawsuit 12/21/2009

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Company Name(s): 
Terex Corporation
Case Name: 
Terex Corporation Shareholder Class Action Lawsuit 12/21/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: TEX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/21/2009
Class Period Begin: 
02/20/2008
Class Period End: 
02/11/2009
Court of Filing: 
U.S. District Court for the District of Connecticut
Deadline To File for Lead: 
02/19/2010
Date Settled: 
04/15/2019
Settlement Amount: 
$10,000,000
Deadline to Participate in Settlement: 
08/13/2019
Filed Complaint: 
Summary: 

April 15, 2019 - The court preliminarily approved the settlement.

March 27, 2019 - Parties filed a stipulation of settlement.

March 31, 2018 - The court granted in part and denied in part defendants' motion to dismiss.

January 18, 2011 - Defendants filed a motion to dismiss.

December 3, 2010 - The lead plaintiffs filed a corrected amended consolidated complaint.

November 18, 2010 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Terex Corporation (NYSE: TEX) common shares between February 20, 2008 and February 11, 2009. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 20, 2008 and February 11, 2009.

November 12, 2010 - Lead plaintiffs and lead counsel were appointed.

August 26, 2010 - Cases were consolidated.

February 19, 2010 - Lead plaintiff motions were filed.

January 15, 2010 - Another investor filed a complaint on behalf of investors who purchased Terex Corporation (NYSE: TEX) common shares between February 20, 2008 and February 11, 2009. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 20, 2008 and February 11, 2009.

December 21, 2009 - An investor in shares of Terex Corporation (NYSE: TEX) filed a lawsuit in the U.S. District Court for the District of Connecticut against Terex Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 20, 2008 and September 4, 2008.

According to the complaint the plaintiff alleges that Terex Corporation and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between February 20, 2008 and September 4, 2008, material adverse facts about its true financial condition, business and prospects. Then on September 4, 2008, Terex Corporation announced that it was updating its “2008 full year guidance and providing quarterly guidance due to changing market conditions” and in response to these statements which revealed various adverse factors negatively impacting Terex Corporation’s business, the price of Terex Corporation stock (TEX) fell $9.30 per share, or 20%, to close at $38.02 per share, so the lawsuit.

Terex Corporation, located in Westport, CT is a diversified global manufacturer of capital equipment focused on delivering reliable, customer relevant solutions for the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining and utility industries. Terex Corporation operates in five segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, Terex Materials Processing & Mining and Terex Roadbuilding, Utility Products and Other. Terex Corporation reported in 2007 Total Revenue of $9.1377 billion with a Net Income of $613.9 million and in 2008 Total Revenue of $9.8896 Billion with a Net Income of $71.90 million. Shares of Terex Corporation (TEX) traded recently at $20.94 per share, down from its 52 week High of $25.61 per share, $50.29 per share in August 2009, $73.97 per share in May 2008, and over $92 per share in 2007.