GREEN BAY, Wis. (WTAQ) - A federal judge has thrown out a lawsuit which claimed that the Oshkosh Corporation had illegally inflated its stock price. The class action lawsuit was connected with the company’s acquisition of a garbage truck maker in 2001. Oshkosh bought the Geesink Norba Group, which proceeded to lose $41 million in four-and-a-half years ending in 2008.
In June of ’08, Oshkosh took a writedown of $175 million for Geesink Norba. Those filing the lawsuit said Oshkosh should have known by 2003 that the company would not succeed – and it should have taken the writedown sooner. But federal Judge William Griesbach of Green Bay said it was not plausible that Oshkosh had meant to defraud anyone in the way it handled the matter.