| Company: | AGCO Corp. |
| Ticker Symbol: | NYSE: AG |
| Class Period: | February 6, 2003 to February 5, 2004 |
| Court: | Northern District, IL |
| Date Filed: | Feb-09-04 |
| Lead Plaintiff Deadline: | Apr-09-04 |
| Allegations: |
A securities class action has been commenced on behalf of shareholders who acquired AGCO Corp. (NYSE:AG) securities between February 6, 2003 and February 5, 2004, inclusive (the Class Period).
The case is pending in the United States District Court for the North District of Illinois, against the company and certain key officers and directors.
The complaint charges AGCO, Robert J. Ratliff and Andrew H. Beck with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. During the Class Period, the defendants issued a series of material misrepresentations to the market concerning the Company's financial results. More specifically, the defendants' statements during the Class Period were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company improperly recorded revenue on its "bill and hold" transactions where risk did not pass to the customer; (2) that the Company recklessly disregarded its own policies regarding recognizing revenue; and (3) as a result of the foregoing, the Company's net income and earnings per share published during the Class Period were not in accordance with Generally Accepted Accounting Principles and were therefore materially false and misleading.
On February 5, 2004, the Company shocked the market when it issued a press release announcing its fourth quarter and year-end results for fiscal 2003, the period ended December 31, 2003. At that time, the Company also disclosed that AGCO received an informal inquiry from the SEC asking AGCO for its policies and related information with regard to AGCO's accounting for revenue recognition (particularly bill and hold transactions), sales and sales returns and allowances, plant and facility closing costs and reserves, and personal use of corporate aircraft. Upon this news, shares of the Company's stock fell approximately 16%, or $3.10 per share, to close at $16.25 per share on extremely high trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The case is pending in the United States District Court for the North District of Illinois, against the company and certain key officers and directors.
The complaint charges AGCO, Robert J. Ratliff and Andrew H. Beck with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. During the Class Period, the defendants issued a series of material misrepresentations to the market concerning the Company's financial results. More specifically, the defendants' statements during the Class Period were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company improperly recorded revenue on its "bill and hold" transactions where risk did not pass to the customer; (2) that the Company recklessly disregarded its own policies regarding recognizing revenue; and (3) as a result of the foregoing, the Company's net income and earnings per share published during the Class Period were not in accordance with Generally Accepted Accounting Principles and were therefore materially false and misleading.
On February 5, 2004, the Company shocked the market when it issued a press release announcing its fourth quarter and year-end results for fiscal 2003, the period ended December 31, 2003. At that time, the Company also disclosed that AGCO received an informal inquiry from the SEC asking AGCO for its policies and related information with regard to AGCO's accounting for revenue recognition (particularly bill and hold transactions), sales and sales returns and allowances, plant and facility closing costs and reserves, and personal use of corporate aircraft. Upon this news, shares of the Company's stock fell approximately 16%, or $3.10 per share, to close at $16.25 per share on extremely high trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
