Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Ohio on behalf of all persons or entities who purchased or otherwise acquired the common stock of Thor Industries, Inc. (“Thor” or the “Company”) (NYSE: THO) between November 30, 2009 and June 10, 2010 at 12:13 P.M. Eastern Daylight Time, inclusive (the “Class Period), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Complaint”).

Are you afftected?

• Did you purchase Thor Industries, Inc. stock during the Class Period of 11/30/2009 - 6/10/2010 at 12:13 P.M. Eastern Daylight Time?
• Did you lose money in your investment during the Class Period?
• Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Ohio on behalf of all persons or entities who purchased or otherwise acquired the common stock of Thor Industries, Inc. (“Thor” or the “Company”) (NYSE: THO) between November 30, 2009 and June 10, 2010 at 12:13 P.M. Eastern Daylight Time, inclusive (the “Class Period), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Complaint”). 

The Complaint names Thor and certain of the Company’s executive officers and directors.  The Complaint alleges that during the Class Period, defendants made false and/or misleading statements and/or omitted material facts in statements concerning the Company’s financial condition.  Specifically, it is alleged that Thor failed to disclose that certain accounting positions taken by the Company in its audited financial statements included in the Company’s annual report on Form 10-K for the fiscal year ended July 31 2009 (the “2009 10-K”), as well as the unaudited financial statements included in the Company’s Quarterly Reports on Form 10-Q for the periods ended January 31, 2009, April 30, 2009, October 31, 2009 and January 31, 2010, were inaccurate and may have to be restated, which may lead to an earnings decline.  It appears that Thor used its capital to support its business with dealer loans and consumer lenders to support floor inventory and sales, and failed to properly account for these maneuvers.

On June 10, 2010 at 12:13 P.M. Eastern Daylight Time, Thor issued a press release in which it announced financial results for the third quarter of 2010 which included a note disclosing that it would not be filing its 10-Q on time and may have to restate the 2009 10-K and the first three 10-Qs for fiscal 2010 due to concerns from its auditor, Deloitte & Touche LLP (“Deloitte”).  Specifically, Deloitte “is addressing issues relating to the accounting treatment for (a) the Company’s transactions with Stephen Adams and FreedomRoads that were consummated in January 2009, and (b) repurchase reserves relating to agreements with lenders to the Company’s independent dealers and revenue recognition issues with respect to transactions with its independent dealers.”  Prior to the announcement, Thor common stock was trading at $28.39.  On this news, however, the Company’s shares plummeted approximately 27% in intra-day trading, reaching a low of $20.74 before closing at $26.22.

If you wish to serve as lead plaintiff, you must move the Court no later than August 24, 2010.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or via our website: http://www.rigrodskylong.com/news/ThorIndustries-THO.  In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  Any member of the purported 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.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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