LOS ANGELES, June 6, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Eastern District of Wisconsin on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of Harley-Davidson, Inc. ("Harley-Davidson" or the "Company") (NYSE:HDI), between January 21, 2004 and April 12, 2005, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Harley-Davidson and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims defendants' omissions and material misrepresentations during the Class Period artificially inflated the Company's stock price, inflicting damages on investors. Harley-Davidson designs, manufactures and sells primarily heavyweight, touring, custom and performance motorcycles, as well as a line of motorcycle parts, accessories, clothing and collectibles. The Complaint alleges that during the Class Period defendants misrepresented or failed to disclose the following: (1) that a much-touted gap between consumer demand for Harley-Davidson's products and the available supply had disappeared; (2) that the Company, to create the appearance of continued strong demand and mask the decline in demand, shipped excess inventory to dealers at a rate that the Company knew or was made aware was unsustainable given the actual demand for Harley's products; (3) that the financial performance of Harley-Davidson's Financial Services Division was materially negatively impacted by interest rate fluctuations; and (4) as a result, the Company's financial results were materially inflated at all relevant times; and (5) the Company lacked any reasonable basis for the financial projections it provided concerning its future growth.
On April 13, 2005, the Company disclosed that it would cut its production of new 2005 motorcycles as a result of declining demand and excess dealer inventories. This news caused the Company's share price to plummet more than 16% in one day. By April 15, 2005, Harley-Davidson shares had fallen even further, closing that day at $45.80 per share, which was more than 22% percent below the closing price on April 12, 2005 -- the day before the disclosure of declining demand and the planned production cut.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than July 19, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.