Murphy v. Precision Castparts Corp.
Status: Ongoing Case
On July 13, 2016, Labaton Sucharow was appointed as co-lead counsel in this securities class action against Precision Castparts Corp. (PCC) and certain individual defendants. Based in Portland, Oregon, PCC is an aviation parts manufacturing conglomerate that produces complex metal parts primarily marketed to industrial and aerospace customers. It was recently acquired by Berkshire Hathaway for $37.2 billion in January 2016, the largest acquisition to date for the holding company.
The lead plaintiffs filed an amended complaint on September 26, 2016, which alleges that PCC made numerous false and misleading statements regarding company’s financial prospects. Specifically, the amended complaint alleges that the defendants failed to disclose that the company was losing market share to competitors and was suffering from weakened demand for its products on a long-term basis.
The case is Murphy v. Precision Castparts Corp., No. 16-cv-00521 (D. Or.). The lead plaintiffs are Oklahoma Firefighters Pension and Retirement System and AMF Pensionsförsäkring AB. Labaton Sucharow represents Oklahoma Firefighters Pension and Retirement System. The defendant is Precision Castparts Corp. and certain individual defendants.