SEC drops H-D investigation

Motorcycle maker Harley-Davidson Inc. said on Friday that a U.S. Securities and Exchange Commission probe into a 2005 shipment cut had concluded without any action being taken against the company.

In April 2005, as it reported first-quarter earnings, the Motor Company cut its shipment and earnings forecast for the year, citing disappointing sales of its bikes. The news sent the company’s shares falling 17 percent.

Angry shareholders sued the company, alleging Harley-Davidson had defrauded them by holding back the news. Those allegations prompted the SEC to open an inquiry into the matter.

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