Class Action Lawsuit Alleges Thor Stock Fraud

June 28, 2010 by RV Business Leave a Comment

Thor Industries Inc. and several of its executives are the target of a class action lawsuit alleging federal securities law violations, including securities fraud, the Dayton Business Journal reported.

Saxena White P.A. filed the federal lawsuit Friday (June 25) in U.S. District Court in Southern Ohio on behalf of an institutional investor, according to a news release. The client was later identified as Teamsters Allied Benefit Funds. The suit covers anyone who purchased shares of Thor from Nov. 30, 2009, to June 10.

The suit stems from Thor’s announcement June 10 that it would be late filing a quarterly report because its auditor was addressing accounting issues for a deal completed in 2009 and for repurchase reserves relating to agreements with lenders to Thor’s independent dealers.

Thor officials could not be immediately reached to comment on the lawsuit.

The stock, which opened at $28.54 per share June 10, dropped as low as $20.74 that day on the news. Since then, Thor shares have hovered in the $24 to $27 range.

It closed at $24.46 on Friday.

Thor said preliminary net income for the third quarter, which ended April 30, was more than $34 million, a substantial increase from $2.1 million for the same period last year. Revenue for the third quarter topped $680 million, up 64% from last year.