| Company: | SPX Corporation |
| Ticker Symbol: | NYSE: SPW |
| Class Period: | July 28, 2003 to February 26, 2004 |
| Court: | |
| Date Filed: | Mar-05-04 |
| Lead Plaintiff Deadline: | May-04-04 |
| Allegations: |
A class action lawsuit was filed on March 5, 2004, on behalf of purchasers of the securities of SPX Corporation ("SPX" or the "Company") (NYSE: SPW) between July 28, 2003 and February 26, 2004, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint charges SPX, John B. Blystone, Patrick J. O'leary, Ronald L. Winowieck, Christopher J. Kearney, and Lewis M. Kling with violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Throughout the Class Period, defendants issued false and misleading projections of the Company's fiscal year 2003 earnings per share. Defendants emphasized increased free cash flow and earnings per share throughout the Class Period. Defendants failed to disclose that these results were only made possible through a last minute one-time gain resulting from a legal settlement, and were not reflective of the deteriorating underlying business operations of the Company. As a result, defendants' Class Period statements were materially false and misleading as to the profitability of its current organic operations and the Company's future earnings. SPX stock plummeted 21%, on usually high trading volume of 16 million shares, from its February 26, 2004 close of $53.30 per share to a close of $42.00 on February 27, 2004.
Throughout the Class Period, defendants issued public statements assuring investors that SPX was on track to meet its earnings per share projections, when in fact, defendants knew the Company's financial growth had materially declined. While the investing public was shielded from the truth of the Company's poor earnings prospects, in January and February 2004 Defendant and CEO Blystone sold significant portions of his own SPX holdings, amounting to over $41 million in SPX stock. On February 27, 2004 defendants filed the 2003 Form 10-K with the SEC, revealing the true financial condition of SPX, and that the Company was only able to meet its EPS projections through inclusion of a one-time gain.
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 complaint charges SPX, John B. Blystone, Patrick J. O'leary, Ronald L. Winowieck, Christopher J. Kearney, and Lewis M. Kling with violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Throughout the Class Period, defendants issued false and misleading projections of the Company's fiscal year 2003 earnings per share. Defendants emphasized increased free cash flow and earnings per share throughout the Class Period. Defendants failed to disclose that these results were only made possible through a last minute one-time gain resulting from a legal settlement, and were not reflective of the deteriorating underlying business operations of the Company. As a result, defendants' Class Period statements were materially false and misleading as to the profitability of its current organic operations and the Company's future earnings. SPX stock plummeted 21%, on usually high trading volume of 16 million shares, from its February 26, 2004 close of $53.30 per share to a close of $42.00 on February 27, 2004.
Throughout the Class Period, defendants issued public statements assuring investors that SPX was on track to meet its earnings per share projections, when in fact, defendants knew the Company's financial growth had materially declined. While the investing public was shielded from the truth of the Company's poor earnings prospects, in January and February 2004 Defendant and CEO Blystone sold significant portions of his own SPX holdings, amounting to over $41 million in SPX stock. On February 27, 2004 defendants filed the 2003 Form 10-K with the SEC, revealing the true financial condition of SPX, and that the Company was only able to meet its EPS projections through inclusion of a one-time gain.
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.
