Thor Industries THO Stock Purchasers File Securities Fraud Class Action Lawsuit Complaint Against Thor Industries, Inc. Over Accounting Practices Relating to Dealer Loans.
A securities fraud class action lawsuit was filed against Thor Industries, Inc. and certain Thor Industries executive officers and directors (collectively the “Defendants”) on behalf of a class consisting of all those who purchased or otherwise acquired the common stock of Thor Industries, Inc. between November 20, 2009 and June 10, 2010 inclusive (the “Class”), alleging that Thor Industries violated federal securities fraud laws by issuing false and misleading financial information to investors, according to class action lawsuit news reports.
The Thor Industries THO securities fraud class action lawsuit complaint reportedly alleges that Thor failed to disclose that certain accounting positions taken by Thor in its audited financial statements included in Thor’s annual report on Form 10-K for the fiscal year ended July 31 2009 (the “2009 10-K”), as well as the unaudited financial statements included in Thor’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 might have to be restated, which might lead to an earnings decline.
According to class action lawsuit news reports, Thor Industries reportedly 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.
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