Harley investor sues - TwoWheelForum: Motorcycle and Sportbike forums
 
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post #1 of 10 (permalink) Old 05-20-2005, 01:08 PM Thread Starter
 
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Harley investor sues

Maybe the House of Chrome is tarnishing??

A Harley-Davidson Inc. shareholder has sued the motorcycle company, alleging that it used false and misleading accounting measures to conceal weakened sales, which later led to a collapse in the stock price.

In the lawsuit filed Wednesday in U.S. District Court in Milwaukee, Raymond Kadagian alleges that Harley shipped more motorcycles to dealers than they could sell, a practice called "channel stuffing."

The essence of the claim is that Harley inflated its sales prospects and failed to disclose the company's true financial condition, said David Scott, a Connecticut attorney representing Kadagian, who lives in Las Vegas.

Kadagian is a "small" Harley shareholder, Scott said. He is seeking class-action status on behalf of himself and others who bought Harley shares between Jan. 21, 2004, and April 14, 2005.

In mid-April, Harley shares fell 22% in only three days after the company announced it was lowering its 2005 earnings forecast, was temporarily cutting production by 3%, and might not achieve a goal of producing 400,000 motorcycles in 2007. The day of the announcement, April 13, the company's shares posted their biggest drop in 14 years, knocking almost $3 billion from their stock market value.

On Thursday, when most stocks were slightly up, Harley shares closed up 38 cents at $49.56.

http://www.jsonline.com/bym/news/may05/327390.asp
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post #2 of 10 (permalink) Old 05-20-2005, 01:10 PM
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Where are my chaps? This can't be right!
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post #3 of 10 (permalink) Old 05-20-2005, 10:38 PM
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Sounds like a good thread to use some of the newer smilies!!






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post #4 of 10 (permalink) Old 05-21-2005, 12:49 AM
 
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I dont get it?
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post #5 of 10 (permalink) Old 05-21-2005, 12:53 AM
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Maybe they will droop the price to unload the overstock.

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Currently ride 1987 GSXR 50, 1996 Ducati M900, 2005 GSXR 1000
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post #6 of 10 (permalink) Old 05-21-2005, 01:06 AM
 
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Isn't it great how people jump to sue when a stock doesn't do well? Oooh, look, a company announced that things didn't go as well as planned, so the stock dropped. Time to sue. You know what I'm going to do? The next time a stock does well because of an announcement, and I don't own the stock, I'm going to sue because the company was hiding something from me. After all, I'm the one that didn't do my research, so the company should have to pay for that, right?

Why the hell do we always blame someone else for our misfortunes, but we are quick to pat ourselves on the back when we do well?
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post #7 of 10 (permalink) Old 05-21-2005, 01:08 AM
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Quote:
Originally Posted by Captain Morgan
Isn't it great how people jump to sue when a stock doesn't do well? Oooh, look, a company announced that things didn't go as well as planned, so the stock dropped. Time to sue. You know what I'm going to do? The next time a stock does well because of an announcement, and I don't own the stock, I'm going to sue because the company was hiding something from me. After all, I'm the one that didn't do my research, so the company should have to pay for that, right?

Why the hell do we always blame someone else for our misfortunes, but we are quick to pat ourselves on the back when we do well?
That's the American way!
That and buy now pay later!

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post #8 of 10 (permalink) Old 05-21-2005, 01:08 AM
 
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Maybe all the doctors, attorneys, and stock brokers that are dumb enough to pay their inflated prices over the MSRP can devise a way for Harley to rebound.

Maybe they can sell the company to AMF again
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post #9 of 10 (permalink) Old 05-21-2005, 01:27 AM
 
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Quote:
Originally Posted by snakemann
Maybe all the doctors, attorneys, and stock brokers that are dumb enough to pay their inflated prices over the MSRP can devise a way for Harley to rebound.

Maybe they can sell the company to AMF again
Funniest. post.ever
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post #10 of 10 (permalink) Old 05-21-2005, 05:38 AM
 
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