Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/oshkosh/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Eastern District of Wisconsin on behalf of purchasers of Oshkosh Corporation (“Oshkosh”) (NYSE: OSK) common stock during the period between November 1, 2007 and June 25, 2008 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/oshkosh/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Oshkosh and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that, during the Class Period, defendants materially misled the investing public, thereby inflating the price of Oshkosh’s common stock, by publicly issuing materially false and misleading statements and omitting to disclose material facts necessary to make defendants’ statements not false and misleading. As alleged in the complaint, these statements and omissions were materially false and misleading in that they failed to disclose the following adverse facts which were known to defendants, or recklessly disregarded by them: (a) that synergies related to Oshkosh’s European facility rationalization program for its refuse business, the Geesink Norba Group, were lower and the cost of such rationalization was higher than represented; (b) that the value of Oshkosh’s European refuse business was impaired and overstated and should have been written down; (c) that Oshkosh’s JLG access-equipment division was experiencing a dramatic decrease in demand; and (d) that, as a result of the foregoing, Oshkosh lacked any reasonable basis to maintain its financial guidance for fiscal 2008.
On June 26, 2008, Oshkosh announced that it was revising downwards the estimates for its third quarter and full fiscal 2008 financial results because of, among other things, the impairment of its goodwill associated with the Company’s European refuse collection vehicle manufacturer, the Geesink Norba Group. Following this disclosure, shares of Oshkosh common stock dropped 33%, to close at $22.29 per share, on extraordinary trading volume in excess of 10.8 million shares.
Plaintiff seeks to recover damages on behalf of all purchasers of Oshkosh common stock during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.
Contacts:
Samuel H. Rudman,
800-449-4900
or
David A. Rosenfeld
djr@csgrr.com
