Thor Industries, Inc. (NYSE:THO)
MURRAY, FRANK & SAILER LLP is investigating securities fraud claims against Thor Industries, Inc. ("Thor" or the "Company") (NYSE:THO) and certain of its officers and directors, on behalf of purchasers of Thor securities between November 30, 2009 and June 10, 2010 at 12:13 P.M. Eastern Daylight Time, inclusive (the "Class Period").
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It is alleged that during the Class Period, defendants made false and/or misleading statements and/or omitted material facts in statements concerning the Company's financial condition. Specifically, it is alleged that Thor failed to disclose that certain accounting positions taken by the Company in its audited financial statements included in the Company's annual report on Form 10-K for the fiscal year ended July 31 2009, as well as in the unaudited financial statements included in the Company's quarterly reports on Form 10-Q for the periods ended January 31, 2009, April 30, 2009, October 31, 2009, and January 31, 2010, were inaccurate and may have to be restated, which may lead to an earnings decline. It appears that Thor used its capital to support its business with dealer loans and consumer lenders to support floor inventory and sales, and failed to properly account for these maneuvers.
On June 10, 2010 at 12:13 P.M. Eastern Daylight Time, Thor issued a press release in which it announced financial results for the third quarter of 2010 which included a note disclosing that it would not be filing its 10-Q on time and may have to restate the 2009 10-K and the first three 10-Qs for fiscal 2010 due to concerns from its auditor, Deloitte & Touche LLP ("Deloitte"). Specifically, Deloitte had been "addressing issues relating to the accounting treatment for (a) the Company's transactions with Stephen Adams and FreedomRoads that were consummated in January 2009, and (b) repurchase reserves relating to agreements with lenders to the Company's independent dealers and revenue recognition issues with respect to transactions with its independent dealers." Prior to the announcement, Thor common stock was trading at $28.39. On this news, the Company's shares plummeted approximately 27% in intra-day trading, reaching a low of $20.74 before closing at $26.22.
If you purchased Thor securities within the Class Period, you may move the Court, not later than August 24, 2010, to serve as Lead Plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you wish to discuss this litigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
Contact:
MURRAY, FRANK & SAILER LLP
Eva Hromadkova
212-682-1818
800-497-8076
