CHICAGO, Feb. 11, 2004 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that a class action lawsuit is pending in the United States District Court for the Northern District of Illinois on behalf of purchasers of the securities of AGCO Corp. (NYSE:AG) ("AGCO" or the "Company") between February 6, 2003 and February 5, 2004, inclusive ("Class Period").
It has been alleged that AGCO, Robert J. Ratliff and Andrew H. Beck violated the federal securities laws by issuing a series of materially false and misleading statements to the market. These misstatements have had the effect of artificially inflating the market price of AGCO's securities.
Much Shelist is currently investigating these claims. If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to AGCO.
Specifically, the Complaint alleges that the defendants' statements during the Class Period were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company improperly recorded revenue on its "bill and hold" transactions where risk did not pass to the customer; (2) that the Company recklessly disregarded its own policies regarding recognizing revenue; and (3) as a result of the foregoing, the Company's net income and earnings per share published during the Class Period were not in accordance with Generally Accepted Accounting Principles and were therefore materially false and misleading.
On February 5, 2004, the Company shocked the market when it issued a press release announcing its fourth quarter and year-end results for fiscal 2003, the period ended December 31, 2003. At that time, the Company also disclosed that AGCO received an informal inquiry from the SEC asking AGCO for its policies and related information with regard to AGCO's accounting for revenue recognition (particularly bill and hold transactions), sales and sales returns and allowances, plant and facility closing costs and reserves, and personal use of corporate aircraft. Upon this news, shares of the Company's stock fell approximately 16%, or $3.10 per share, to close at $16.25 per share on extremely high trading volume.
If you purchased AGCO's securities during the Class Period and if you meet certain other legal requirements, you may file a motion in the United States District Court for the Northern District of Illinois to serve as a lead plaintiff. You must file your motion no later than April 6, 2004.
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. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca