Law Firm That Filed First Complaint Prepared to File Motion on Monday as SEC Inquires into Matter
COLCHESTER, Conn– Scott + Scott, LLC announces that on May 18, 2005, it filed the first shareholder class action lawsuit against Harley-Davidson, Inc. (NYSE: HDI – News) and individual defendants Jeffrey L. Bleustein and James L. Zeimer in the United States District Court for the District of Wisconsin on behalf of all persons or entities who purchased or acquired Harley-Davidson securities between January 21, 2004, and through April 14, 2005, inclusive. Since that time, other law firms have filed actions against Harley-Davidson alleging similar, if not identical allegations, contained in Scott + Scott’s original complaint. If you purchased Harley-Davidson securities and would like more information concerning your rights or any issue regarding this case, please contact the firm. Scott + Scott intends to file a lead plaintiff motion on Monday April 18, 2005.
On Wednesday, Harley-Davidson announced that the Securities and Exchange Commission had launched an inquiry into it. Further, the Scott + Scott action alleges massive multi-million dollar insider trading by the individual defendants. After buying back nearly 3 million shares in the first quarter, Harley bought a whopping 17.7 million more shares in the second. It has spent more than $1 billion this year to buy back stock.
With these aggressive repurchases, management is boosting its EPS growth target for the year. Instead of prior guidance of 5% to 8% EPS growth, management now expects 10% to 13%. Investors should realize, though, that this is basically “purchased growth” — even as they divert cash to buy back more shares, Harley’s actual business isn’t doing much better than expected.
If you would like information about Scott + Scott’s complaint or would like to discuss this matter confidentially with an attorney, please contact the firm at 800/404-7770 or 800/332-2259. You can also contact/speak with attorney Neil Rothstein at nrothstein@scott-scott.com (800/332-2259 or via cell phone 619/251-0887) or attorney Amy K. Saba at asaba@scott-scott.com (800/332-2259). Scott + Scott has offices in Connecticut, Ohio and California. The firm (http://www.scott-scott.com) specializes in complex litigation including securities fraud and represents foundations, individuals, corporations and pension funds worldwide. Scott + Scott, LLC also represents current and former employees of companies who have lost retirement savings due to violations of ERISA. You can reach the San Diego office directly at 619/233-4565.
