Investors Blame Caterpillar Execs For $580M Post-Merger Loss

Law360, New York (March 29, 2013, 6:46 PM ET) -- A putative class of Caterpillar Inc. investors launched a derivative class action Tuesday alleging the company breached its fiduciary duty with last year's $690 million acquisition of Chinese mining equipment company ERA Mining Machinery Ltd. by failing to disclose accounting errors at a subsidiary of the company.

The shareholders claim a group of Caterpillar executives made false statements about ERA Mining Machinery's profits that cost the company $580 million after it announced earlier this year that an internal investigation had uncovered “deliberate, multi-year coordinated accounting misconduct”...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

City of Sterling Heights General Employees' Retirement System v. Oberhelman et al


Case Number

1:13-cv-01141

Court

Illinois Central

Nature of Suit

Stockholders Suits

Judge

Sara Darrow

Date Filed

March 26, 2013

Law Firms

Companies