NEW YORK, June 22, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the Eastern District of Wisconsin on behalf of shareholders who purchased or otherwise acquired the securities of Harley-Davidson, Inc. ("Harley" or the "Company") (NYSE:HDI) between January 21, 2004 through April 12, 2005, inclusive (the "Class Period").
The complaint alleges that during the Class Period Harley and certain of the Company's executive officers issued materially false and misleading financial statements to the investing public regarding its financial performance and prospects in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b 5 promulgated thereunder.
Harley produces motorcycles, motorcycle parts, accessories and general merchandise. During the Class Period, defendants made numerous positive statements regarding the Company's financial performance and prospects. The complaint alleges that these statements were materially false and misleading because defendants failed to disclose or indicate the following: (1) that the much touted gap between the consumer demand for Harley's products and the available supply had disappeared; (2) that the Company shipped excess inventory to dealers that the Company knew, or was made aware, was at an unsustainable rate given the demand for Harley's products to create the appearance of continued strong demand and mask the decline in demand; (3) that the financial performance of the Company's Financial Services Division was materially negatively impacted by interest rate fluctuations; (4) as a result, the Company's financial results were materially inflated at all relevant times; and (5) that the Company's 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, as the market continued digesting the news, Harley-Davidson shares had declined 22% percent below the closing price on April 12, 2005 -- the day before the disclosure of declining demand and the planned production cut.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Harley securities on any world exchange between January 21, 2004 through April 12, 2005, and sustained damages, you may, no later than July 19, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Christopher Hinton of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca