LAWFUEL – The Legal Newswire – NEW YORK — Roy Jacobs & Associates has
filed a lawsuit in the United States District Court for the District of
Columbia on behalf of a class (the “Class”) consisting of all
purchasers of Harman International Industries, Inc. (“Harman” or the
“Company”) (NYSE:HAR) securities between April 26, 2007 and September
24, 2007 (the “Class Period”) arising out of the failure of the buyout,
which led to the revelation of previously concealed adverse facts
concerning Harman’s business.
For further information you may call toll free, 1-800-347-1236, or
contact counsel by e-mail by writing to [email protected] You
may also sign up by visiting our web site at www.jacobsclasslaw.com.
The Complaint charges Harman and several of its officers and directors
with violating the Federal Securities Laws by concealing adverse
information about the Company’s financial condition, business
prospects, and earnings expectations, which caused a premium bid for
the Company to collapse, among claims by the Bidders that Harman
breached the buyout agreement.
As set forth in the Complaint, on April 26, 2007, the Company announced
that it had agreed to a buyout by Kohlberg Kravis Roberts & Co. L.P.
and GS Capital Partners VI Fund, L.P., (the “Bidders”), where the
shareholders were to be paid $120 cash per Harman share. However,
Harman had misrepresented its earnings prospects, and understated its
research and development expenses, leading the Bidders to terminate the
deal. This news caused the Company’s share price to fall from a closing
price of $112.25 on September 20, 2007, to $85.00 on September 21,
2007, a drop of 24%. On September 24, 2007, the Company admitted that
it would fail to meet its financial guidance for the quarter ended
September 30, 2007, and revised downward its earnings estimates for FY
2008 due, inter alia, to increased research and development costs. This
news caused the Company’s share price to further decline to $80.31.
If you purchased Harman shares during the Class Period, April 26, 2007
through September 24, 2007, you may qualify to serve as Lead Plaintiff
on behalf of the Class. All motions for appointment as Lead Plaintiff
must be filed by November 30, 2007. If you wish to discuss this action
or have any questions concerning this notice or your rights with
respect to this matter, please contact Roy L. Jacobs. Mr. Jacobs will
personally speak with you at no cost or obligation.
You may also join this action by visiting our website at
More information on this and other class actions can be found on the
Class Action Newsline at www.primenewswire.com/ca.
CONTACT: Roy Jacobs & Associates
Roy L. Jacobs, Esq.
Toll Free: 1-800-347-1236