SAN FRANCISCO, March 24, 2017 -- Hagens Berman Sobol Shapiro LLP reminds investors in Caterpillar, Inc. (NYSE:CAT) of the May 2, 2017 Lead Plaintiff deadline in the pending securities class action.
If you purchased or otherwise acquired securities of CAT between February 19, 2013 and March 1, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/CAT
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing CAT@hbsslaw.com.
On March 2, 2017, law enforcement officials executing a search warrant raided Caterpillar’s headquarters. Federal agents reportedly seized documents related to a criminal investigation into whether the Company wrongfully shifted profits overseas and to offshore shell companies to avoid paying more than $2 billion in U.S. taxes. This news drove the price of Caterpillar’s shares down approximately 4.28% to close at $94.36 per share on March 2, 2017.
On March 8, 2017, The New York Times reported that “Caterpillar Is Accused In a Report Of Fraud.” The article quotes a report commissioned by the government. According to the Times, the author wrote, “Caterpillar did not comply with either U.S. tax law or U.S. financial reporting rules[]”, “I believe that the company’s noncompliance with these rules was deliberate and primarily with the intention of maintaining a higher share price[],” and “[t]hese actions were fraudulent rather than negligent.” This news has driven the price of Caterpillar’s shares down approximately 2% during intraday trading.
On March 23, 2017, TheStreet reported that Company management revealed at an investor conference that the search warrant was broader than just the matters related to the tax issue and included export filings.
“We’re concerned about earlier Company and management statements regarding cooperation with Federal officials in the context of the reported raid and whether Defendants overstated the Company’s income,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding CAT should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CAT@hbsslaw.com.
About Hagens Berman
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Contact: Reed Kathrein, 510-725-3000
