RADNOR, Pa., May 30 – LAWFUEL – The Law News Network — The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United
States District Court for the Eastern District of Wisconsin on behalf of all
securities purchasers of Harley-Davidson, Inc. (NYSE: HDI) (“Harley” or the
“Company”) between January 21, 2004 and April 12, 2005, inclusive (the “Class
Period”).
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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check,
Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
info@sbclasslaw.com.
The complaint charges Harley, Jeffrey Bleustein, James Ziemer and James M.
Brostowitz with violations of the Securities Exchange Act of 1934. More
specifically, the Complaint alleges that the Company failed to disclose and
misrepresented the following material adverse facts which were known to
defendants or recklessly disregarded by them: (1) that the much-touted gap
between the consumer demand for Harley’s products and the available supply had
disappeared; (2) that the Company, in an effort to mask the decline in demand,
shipped excess inventory to dealers; (3) that the profitability of the
Company’s Financial Services Division was being 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
projections regarding future growth lacked in any reasonable basis when made.
On April 13, 2005, Harley announced that they felt it prudent to limit
short-term production growth. This action would result in negative change to
Harley’s previous guidance for both shipments and earnings growth for 2005.
News of this shocked the market. Shares of Harley fell $9.84 per share or
16.74 percent, on April 13, 2005, to close at $48.93 per share.
Plaintiff seeks to recover damages on behalf of class members and is
represented by the law firm of Schiffrin & Barroway, which prosecutes class
actions in both state and federal courts throughout the country. Schiffrin &
Barroway is a driving force behind corporate governance reform, and has
recovered in excess of a billion dollars on behalf of institutional and high
net worth individual investors. For more information about Schiffrin &
Barroway, or to sign up to participate in this action online, please visit
http://www.sbclasslaw.com.
If you are a member of the class described above, you may, not later than
July 19, 2005, move the Court to serve as lead plaintiff of the class, if you
so choose. A lead plaintiff is a representative party that acts on behalf of
other class members in directing the litigation. In order to be appointed
lead plaintiff, the Court must determine that the class member’s claim is
typical of the claims of other class members, and that the class member will
adequately represent the class. Under certain circumstances, one or more
class members may together serve as “lead plaintiff.” Your ability to share
in any recovery is not, however, affected by the decision whether or not to
serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other
counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq.
Darren J. Check, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at info@sbclasslaw.com
SOURCE Web Site: http://www.sbclasslaw.com
