Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Ford To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in Ford between April 27, 2022 and July 24, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/F.
NEW YORK, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Ford Motor Company (“Ford” or the “Company”) (NYSE: F) and reminds investors of the October 7, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) that the Company had deficiencies in its quality assurance of vehicle models since 2022; (2) that, as a result, the Company was experiencing higher warranty costs; (3) that the Company’s warranty reserves did not accurately reflect the quality issues in vehicles sold since 2022; (4) that, as a result, the Company’s profitability was reasonably likely to suffer; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
On July 24, 2024, after the market closed, Ford announced second quarter 2024 financial results, revealing that the Company’s “[p]rofitability was affected by an increase in warranty reserves” and “higher warranty costs.” As a result, the Company also revised its outlook for full year earnings for its electric vehicle segment to “reflect[] higher warranty costs than originally planned.” 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.
On this news, the Company’s share price fell $2.51, or 18.36%, to close at $11.16 per share on July 25, 2024, on unusually heavy trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ford’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Ford class action, go to www.faruqilaw.com/F or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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