The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Caterpillar, Inc. (NYSE: CAT) who purchased shares between February 19, 2013 and March 1, 2017. The action, which was filed in the United States District Court for the Northern District of Illinois, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) Caterpillar unlawfully used foreign subsidiaries to avoid paying billions of dollars in U.S. taxes; (2) discovery of such conduct would subject Caterpillar to heightened regulatory scrutiny and potential criminal sanctions; and (3) as a result, Caterpillar’s public statements were materially false and misleading at all relevant times. On March 2, 2017, law enforcement officials raided Caterpillar’s facilities in Peoria, Illinois. Caterpillar indicated that it believed the raid is related to, among other things, export filings of its Swiss subsidiary Caterpillar SARL. On this news, shares of Caterpillar fell 4.28% to close at $94.36 per share on March 2, 2017, damaging investors.
Shareholders have until May 2, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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