SAN DIEGO, Aug. 24, 2024 /PRNewswire/ — Robbins Geller Rudman & Dowd LLP announces that the Ford class action lawsuit – captioned Guzman v. Ford Motor Company, No. 24-cv-12080 (E.D. Mich.) – charges Ford Motor Company (NYSE: F) as well as certain of Ford’s executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Ford class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-ford-motor-company-class-acton-lawsuit-f.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Ford class action lawsuit must be filed with the court no later than October 7, 2024.
CASE ALLEGATIONS: Ford is an automotive manufacturing company that develops, delivers, and services a range of trucks, cars, and luxury vehicles worldwide.
The Ford class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Ford had deficiencies in its quality assurance of vehicle models since 2022; (ii) as a result, Ford was experiencing higher warranty costs; (iii) Ford’s warranty reserves did not accurately reflect the quality issues in vehicles sold since 2022; and (iv) as such, Ford’s profitability was reasonably likely to suffer.
The Ford class action lawsuit further alleges that on July 24, 2024, Ford announced second quarter 2024 financial results, revealing that Ford’s “[p]rofitability was affected by an increase in warranty reserves” and “higher warranty costs.” As a result, Ford also revised its outlook for full year earnings for its electric vehicle segment to “reflect[] higher warranty costs than originally planned,” according to the complaint. Analysts and journalists, including The Associated Press and The Washington Post, reported that, in the second quarter, warranty and recall costs totaled $2.3 billion, $800 million more than the first quarter and $700 million more than a year prior, according to the complaint. On this news, Ford’s share price fell more than 18%, according to the Ford class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Ford securities during the Class Period to seek appointment as lead plaintiff in the Ford class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Ford class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Ford class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Ford class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
[email protected]
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SOURCE Robbins Geller Rudman & Dowd LLP
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