Lawyers have begun an investigation into the recent rumors that private equity firm Kohlberg Kravis Roberts (KKR) was targeting Harley-Davidson for a stock takeover.
Suspecting that Harley-Davidson executives breached their fiduciary responsibility to Harley-Davidson, Inc., investigators were tipped-off to potential breaches at the Milwaukee company after its stock rose by $2 (+5%) immediately after the rumors were first published in financial reports.
Suspecting that those with a financial interest and duty to Harley-Davidson leaked the rumors to the press, and intended to artificially inflate the price of Harley-Davidson’s stock, investigators are asking any current or past shareholders with information about the KKR rumors, or other takeover rumors, to bring that information to the the Shareholders Foundation.
Additionally, the investigation is seeking to establish a fair market value for Harley-Davidson, in case its Board of Directors should decide to sell to another entity, to ensure that shareholders get their due.
Source: Dealer News