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Kevin Murphy, Et Al. V. Precision Castparts Corp., Et Al. 16-CV-00521

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Kevin Murphy, Et Al. V. Precision Castparts Corp., Et Al. 16-CV-00521 Case 3:16-cv-00521-SB Document 61 Filed 09/26/16 Page 1 of 125 Robert C. Weaver, Jr., OSB #801350 E-Mail: [email protected] Paul H. Trinchero, OSB #014397 E-Mail: [email protected] GARVEY SCHUBERT BARER 121 SW Morrison Street Eleventh Floor Portland, Oregon 97204-3141 Telephone: (503) 228-3939 Facsimile: (503) 226-0259 Liaison Counsel for the Class UNITED STATES DISTRICT COURT DISTRICT OF OREGON PORTLAND DIVISION KEVIN MURPHY, Individually and On Case No. 3:16-cv-00521 Behalf of All Others Similarly Situated, Plaintiff, CLASS ACTION vs. AMENDED CLASS ACTION PRECISION CASTPARTS CORP., MARK COMPLAINT FOR VIOLATION OF THE DONEGAN, and SHAWN R. HAGEL, FEDERAL SECURITIES LAWS Defendants. JURY TRIAL DEMANDED AMENDED CLASS ACTION COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS Case 3:16-cv-00521-SB Document 61 Filed 09/26/16 Page 2 of 125 TABLE OF CONTENTS I. INTRODUCTION ...............................................................................................................2 II. JURISDICTION AND VENUE ..........................................................................................7 III. THE PARTIES.....................................................................................................................7 A. Lead Plaintiffs ................................................................................................................7 B. Defendants .....................................................................................................................8 1. Corporate Defendant ................................................................................................8 2. Individual Defendants ..............................................................................................9 IV. FACTUAL ALLEGATIONS ............................................................................................10 A. Company Background and Growth Strategy ...............................................................10 B. Before the Class Period Begins, Precision Announces Fiscal Year 2016 Earnings-Per-Share Target ...........................................................................................11 C. Unbeknownst to Investors, Precision Resorts to “Pulling In” Strategies to Create the Appearance of Sustainable Growth ............................................................13 D. During the Class Period, Precision Begins To Lose its Ability to “Pull In” ...............18 E. Precision Reports Strong Aerospace Growth and Downplays Market Share Concerns Without Disclosing its Reliance on Unsustainable Pull Through Sales .............................................................................................................................20 F. Rolls-Royce Announces Plan To Cut Costs and Reduce Inventory ............................21 G. Precision Reports Weakening Earnings But Falsely Assures Investors It is the Result of Temporary Issues ....................................................................................23 H. Precision Continues To Link Earnings Misses to Short Term Inventory Destocking ...................................................................................................................25 I. Defendant Donegan Exercises Stock Options and Sells Shares For a Substantial Profit Just Weeks Before the Truth is Revealed .......................................30 J. The Company Again Attributes Earnings Misses to Temporary Destocking ..............30 AMENDED CLASS ACTION COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS Page i of iii Case 3:16-cv-00521-SB Document 61 Filed 09/26/16 Page 3 of 125 K. The Straw that Broke the Camel’s Back ......................................................................32 L. Investors Finally Learn That Temporary Destocking Was Not To Blame For Precision’s Poor Sales Figures and That Precision Was Actually Losing Business ...........................................................................................................33 M. Defendants Belatedly Confirm that They Misstated and Omitted Material Facts .............................................................................................................................35 N. Precision is Acquired by Berkshire Hathaway ............................................................36 V. ADDITIONAL ALLEGATIONS OF SCIENTER ............................................................38 VI. DEFENDANTS’ MATERIALLY FALSE AND MISLEADING STATEMENTS AND OMISSIONS .................................................................................41 A. Fourth Quarter Fiscal 2013 & Year-end Fiscal 2013 Results ......................................41 B. First Quarter Fiscal 2014 Results .................................................................................52 C. Citi Global Industrials Conference ..............................................................................62 D. Second Quarter Fiscal 2014 Results ............................................................................64 E. Credit Suisse Global Industrials Conference ...............................................................73 F. Third Quarter Fiscal 2014 Results ...............................................................................76 G. Fourth Quarter Fiscal 2014 & Full Year Fiscal 2014 Results .....................................82 VII. THE TRUTH BEGINS TO EMERGE ..............................................................................87 A. First Quarter Fiscal 2015 Results .................................................................................87 B. Second Quarter Fiscal 2015 Results ............................................................................92 C. Credit Suisse Global Industrials Conference ...............................................................98 VIII. THE FULL TRUTH IS REVEALED & OTHER POST-CLASS PERIOD EVENTS ............................................................................................................................98 IX. LOSS CAUSATION ........................................................................................................106 X. PRESUMPTION OF RELIANCE ...................................................................................108 AMENDED CLASS ACTION COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS Page ii of iii Case 3:16-cv-00521-SB Document 61 Filed 09/26/16 Page 4 of 125 XI. INAPPLICABILITY OF THE STATUTORY SAFE HARBOR AND BESPEAKS CAUTION DOCTRINE .............................................................................109 XII. CLASS ACTION ALLEGATIONS ................................................................................111 XIII. CAUSES OF ACTION ....................................................................................................113 COUNT I FOR VIOLATIONS OF SECTION 10(b) OF THE EXCHANGE ACT AND SEC RULE 10b-5 PROMULGATED THEREUNDER (Against Defendants Precision, Donegan, and Hagel) ...................................................................113 COUNT II FOR VIOLATIONS OF SECTION 20(a) OF THE EXCHANGE ACT (Against Defendants Donegan and Hagel) ......................................................................117 XIV. PRAYER FOR RELIEF ..................................................................................................118 XV. JURY TRIAL DEMANDED ...........................................................................................119 AMENDED CLASS ACTION COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS Page iii of iii Case 3:16-cv-00521-SB Document 61 Filed 09/26/16 Page 5 of 125 Lead Plaintiffs AMF Pensionsförsäkring AB and the Oklahoma Firefighters Pension and Retirement System, as defined herein, by their undersigned attorneys, bring this action under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Securities and Exchange Commission (the “SEC”) Rule 10b-5 promulgated thereunder, on behalf of themselves and all others similarly situated who purchased or otherwise acquired the publicly traded securities of Precision Castparts Corp. (“Precision,” “PCC,” or the “Company”) between May 9, 2013 and January 15, 2015, inclusive (the “Class Period”). Lead Plaintiffs allege the following upon personal knowledge as to themselves and their own acts, and upon information and belief as to all other matters. Lead Plaintiffs’ information and belief are based on, among other things, the independent investigation of Court-appointed Co-Lead Counsel Kessler Topaz Meltzer & Check LLP and Labaton Sucharow LLP. This investigation included, among other things, a review and analysis of: (i) public filings by Precision with the SEC; (ii) public reports and news articles; (iii) research reports by securities and financial analysts; (iv) economic analyses of securities movement and pricing data; (v) transcripts of investor calls with Precision senior management; (vi) consultations with relevant experts and consultants; (vii) interviews with former employees of Precision and with current and former employees of Precision’s customers; and (viii) other publicly available material and data identified herein. Co-Lead Counsel’s investigation into the factual allegations contained herein is continuing, and many of the facts supporting the allegations contained herein are known only to the Defendants (as defined herein) or are exclusively within their custody or control. Lead Plaintiffs believe that further substantial evidentiary support will exist for the allegations contained herein after a reasonable
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