WELCOME TO THE TEREX SECURITIES LITIGATION WEBSITE

This website has been established to provide general information related to the proposed settlement of the lawsuit known as Sheet Metal Workers Local 32 Pension Fund v. Terex Corporation, et al., No. 3:09-cv-02083-RNC (the "Litigation"), pending before the United States District Court for the District of Connecticut (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Settlement Agreement dated March 27, 2019, which can be found and downloaded by clicking on the Case Documents tab above.

The entities that lead the Litigation, Lead Plaintiffs Sheet Metal Workers Local 32 Pension Fund and Ironworkers St. Louis District Council Pension Fund and additional plaintiff Sheet Metal Workers Local #218(S) Pension Fund, are collectively referred to as the “Plaintiffs.” The company and individuals, Terex Corporation ("Terex"), Ronald M. DeFeo, Philip Widman, Thomas J. Riordan, Tim Ford, and Jonathan D. Carter, being sued are called the Defendants.  

The Court appointed the law firm of Robbins Geller Rudman & Dowd LLP to represent Settlement Class Members.  

WHAT IS THIS LAWSUIT ABOUT?

This case was brought as a class action alleging that Defendants made false and misleading statements about Terex’s business and financial results between February 20, 2008 and February 11, 2009, inclusive.  Plaintiffs allege that Defendants misled investors about Terex’s accounting practices and financial condition.  Plaintiffs assert that as a result of these and other actions, the market price of Terex’s common stock was artificially and improperly inflated between February 20, 2008 and February 11, 2009, inclusive.  Thus, Plaintiffs allege that Settlement Class Members overpaid for Terex common stock during the relevant time periods.  Defendants have vigorously denied and continue to vigorously deny that they did anything wrong. 

The operative complaint in the Litigation, Consolidated Class Action Complaint for Violations of Securities Laws (Corrected) (the “Complaint”), was filed on December 3, 2010. On January 18, 2011, the Defendants moved to dismiss the Complaint. By Ruling and Order dated March 31, 2018, the Court granted in part and denied in part the Defendants’ motion to dismiss. The Court dismissed all claims against the Dismissed Defendants, dismissed the §20(a) claim against Mr. Riordan, and narrowed the remaining §10(b) claims against Terex and Mr. Riordan.
Following the Court’s ruling on the motion to dismiss, in October 2018, the parties to the Litigation commenced mediation efforts under the auspices of the Honorable Daniel Weinstein (Ret.). In the months following, Judge Weinstein engaged in numerous discussions and communications with the parties to explore a potential resolution of the matter. On February 8, 2019, the parties agreed on the amount of the Settlement Fund and the negotiated terms of the Settlement.

The Court did not decide in favor of Plaintiffs or Defendants. Instead, both sides agreed to a settlement. That way they avoid the cost and uncertainty of a trial, and eligible Settlement Class Members who submit valid claims will receive compensation. Plaintiffs and their attorneys think the Settlement is best for all Settlement Class Members.

The Settlement Class includes all purchasers or acquirers of Terex publicly-traded common stock during the Settlement Class Period, which is between February 20, 2008 and February 11, 2009, inclusive, and who were allegedly damaged thereby. Excluded from the Settlement Class are Defendants; members of each Defendant’s immediate family; any entity in which any Defendant has or had a controlling interest; directors of Terex during the Settlement Class Period; and Defendants’ legal representatives, heirs, successors, or assigns of any such excluded party.  Also excluded from the Settlement Class are those Persons who timely and validly request exclusion pursuant to the requirements described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice").

WHAT DOES THE SETTLEMENT PROVIDE?

Defendants have agreed to pay $10,000,000 in cash (the "Settlement Fund"). The balance of this fund after payment of Court-approved attorneys’ fees and expenses and the costs of claims administration, including the costs of printing and mailing the Notice and the cost of publishing newspaper notice (the “Net Settlement Fund”), will be divided among all eligible Settlement Class Members who send in valid claim forms.

Settlement Class Members' recovery will depend on the number of shares of Terex common stock purchased or acquired between February 20, 2008 and February 11, 2009, inclusive, the timing of the purchases and any sales, and how many other Settlement Class Members make claims. 

Although the information in this website is intended to assist you, it does not replace the information contained in the relevant case documents found on the Case Documents tab above. We recommend that you read the relevant case documents carefully and in their entirety.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

IMPORTANT DATES AND DEADLINES