NEW YORK, Jan. 8, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of purchasers Terex Corporation ("Terex" or the "Company") (NYSE:TEX) stock during the period between February 20, 2008 and September 4, 2008, inclusive (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Terex common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by February 19, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company failed to properly and timely account for impaired assets in its Construction, Roadbuilding, Utility Products and other segments, that the Company was experiencing declining demand for its products in its Construction, Materials Processing and Aerial Work Platforms segments and, that as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects. According to the complaint, after, on September 4, 2008, the Company announced that it was updating its 2008 full year guidance and providing quarterly guidance due to changing market conditions as well as various adverse factors negatively impacting its business, the value of Terex's stock declined significantly.
The Brualdi Law Firm, P.C. is New York, New York based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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