A lawsuit was filed by a current investor in shares of Caterpillar Inc. (NYSE:CAT) over alleged breaches of fiduciary duties and other current long-term NYSE:CAT investors should contact the Shareholders Foundation at mail at shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 04/03/2013 -- An investor in shares of Caterpillar Inc. (NYSE:CAT) filed a lawsuit against directors of Caterpillar Inc. in connection with the acquisition of a Chinese company in June 2012.
Investors who are current long term stockholders in shares of Caterpillar Inc. (NYSE:CAT), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants cost the company $580 million by buying Zhengzhou Siwei Mechanical & Electrical Manufacturing last June.
Caterpillar Inc. purchased ERA Mining Machinery Ltd. in June 2012 for as much as $734 million. In January 2013 Caterpillar Inc. announced that it uncovered long-running accounting scheme that inflated profits at Zhengzhou Siwei Mechanical & Electrical Manufacturing Co., a unit of ERA Mining Machinery Ltd. Caterpillar Inc. said it first noticed discrepancies between the inventory in Zhengzhou Siwei Mechanical & Electrical Manufacturing Co's records and its own physical inventory of equipment in November 2012 following the acquisition. The probe also identified improper revenue recognition practices that boosted sales. Caterpillar Inc. said the accounting schame was deliberate and coordinated by several managers for Zhengzhou Siwei Mechanical & Electrical Manufacturing Co and it expected the discovery will result in a non-cash charge of about $580 million.
Caterpillar Inc. (NYSE:CAT) reported that its annual Total Revenue rose from over $32.39 billion in 2009 to over $65.87 billion in 2012 and its Net Income surged over those time periods from $895 million to over $5.68 billion.
Shares of Caterpillar Inc. (NYSE:CAT) grew from $23.23 per share in March 2009 to as high as $116.00 per share in February 2012.
On April 2, 2013, NYSE:CAT shares closed at $84.88 per share.
Those who are current long term investors in shares of Caterpillar Inc. (NYSE:CAT), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com