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NEW YORK (AP) - Motorcycle maker Harley-Davidson Inc. said Wednesday that the staff of the Securities and Exchange Commission is launching an inquiry into the company's April announcement that it would limit short-term production and decrease planned motorcycle shipments.
On April 13, Harley-Davidson said it would increase motorcycle shipments from last year's 317,000 units to a target of 329,000 units, below original plans of 339,000 units. The company also lowered earnings forecasts for the year, citing weak first-quarter sales and a glut of 2005 models on dealer floors. In response, Harley-Davidson shares plunged nearly 17 percent to their lowest price in more than 14 months.
After that announcement, a number of shareholder complaints were filed in the U.S. District Court for the Eastern District of Wisconsin.
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