| COMPANY |
Caterpillar, Inc. |
| COURT |
United States District Court for the Northern District of Illinois |
| CASE NUMBER |
17-cv-1713 |
| JUDGE |
The Honorable Sharon Johnson Coleman |
| CLASS PERIOD |
February 19, 2013 and March 1, 2017 |
| SECURITY TYPE |
All Securities |
Case Background:
The Class Period commences on February 19, 2013, when Caterpillar filed an annual report on Form 10-K announcing the company’s financial and operating results for the quarter and fiscal year ended December 31, 2012.
The complaint alleges that, on March 2, 2017, law enforcement officials executing a search warrant searched the company’s headquarters in Peoria, Illinois. The Peoria Journal Star newspaper reported, in part, “Federal officials seized documents and electronic records from three Caterpillar Inc. facilities, including the global headquarters Downtown, on Thursday as an apparent part of a criminal investigation into the company's tax strategy.” The newspaper further reported, “The investigation appears to stem from revelations about the company’s tax strategy as outlined in a 2009 federal wrongful termination lawsuit brought by Daniel Schlicksup. The lawsuit alleged the company shifted profits overseas and to offshore shell companies to avoid paying more than $2 billion in U.S. taxes.”
The complaint alleges that, throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose that: (1) Caterpillar unlawfully used foreign subsidiaries to avoid paying billions of dollars in U.S. taxes; (2) discovery of the foregoing conduct would subject the company to heightened regulatory scrutiny and potential criminal sanctions; and (3) as a result of the foregoing, Caterpillar’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On September 26, 2018, the Court granted Defendants’ Motion to Dismiss the complaint, and Judgment was entered. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.