Harman International Industries defends securities class action
Clients Harman International Industries, Incorporated
Jones Day represents Harman International Industries, Incorporated and certain of its officers and directors in a securities fraud class action lawsuit pending in the District of Columbia. The complaint alleged that Harman International Industries (“Harman”) and certain of its officers and directors violated Sections 10(b) and 20(a) and Rule 10b-5 of the Exchange Act by issuing false and misleading disclosures regarding Harman’s financial condition in fiscal 2007 and fiscal 2008. In particular, the complaint alleged that defendants knowingly or recklessly failed to disclose material adverse facts about MyGIG radios, personal navigation devices and capital expenditures. The complaint alleged that when Harman’s true financial condition became known to the market, the price of its stock declined significantly, causing losses to the plaintiff class. We obtained dismissal with prejudice of this consolidated federal securities fraud class action. The case is currently on appeal to the D.C. Circuit.
In re: Harman International Industries, Inc. Securities Litigation, No. 1:07-CV-01757-RWR (D.D.C.); In re: Harman International, NO. 14-07017 (D.C. Cir.)