Legal News

Four class action suits threaten RV maker

By Richard Binder

At least four class action suits have been prepared against former executives of Riverside-based Fleetwood Enterprises alleging violations of the Securities Exchange Act by issuing false and misleading statements about the company's financial condition between Dec. 6, 2007 and March 10, 2009.

Each firm is seeking shareholders who bought shares of Fleetwood Enterprises during that time. The only suit that's been filed with the U.S. Central District Court of California so far comes from New York-based Coughlin Stoia Geller Rudman & Robbins LLP, which names Fleetwood's president and chief executive officer, Elden Smith, and former president and chief financial officer, Boyd Plowman, as defendants.

Before the suits can move forward though, the court will need to decide whether to certify them or not. Fleetwood, an RV and manufactured home maker, filed for bankruptcy protection on March 10.

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Full post as published by Legal Pad | LA on September 14, 2009 (boomark / email).