Harley-Davidson shares gain ground

Shares of Harley-Davidson Inc. rose Thursday, a day after the company said its profit fell by 4 percent because of a planned production cut that has triggered lawsuits and a Securities and Exchange Commission investigation.

Shares of the Milwaukee-based company, which has an assembly plant in Kansas City, Mo., climbed 85 cents to close at $51.23 Thursday on the New York Stock Exchange.

The SEC has launched an inquiry into an announcement in April, when the company said it would cut short-term production in the second quarter and decrease planned motorcycle shipments by 10,000 units to 329,000 this year.

In multiple complaints filed since May, company shareholders allege Harley-Davidson misrepresented or disregarded certain facts to shareholders and was “channel stuffing” – or knowingly shipping more bikes than dealers could sell.

Biotechnology

Serologicals cuts 36 research jobs

Serologicals Corp., which owns an idle production plant in Lawrence, is cutting 36 jobs from its research segment, the Atlanta-based company said Thursday.

The biological products company expects to save between $3 million and $3.5 million by integrating several functions, including business segment management, research and development, marketing, technical support, scientific sourcing, intellectual property/licensing and finance and accounting.

The company intends to take a charge of $2 million to $3 million in the third quarter, which ends Oct. 2.

The Lawrence plant awaits movement into full production. In March, the company laid off 19 of the plant’s 26 employees, saying customers still needed to run tests on the location’s main product, Ex-Cyte.

Dispute

Wal-Mart: Fired VP helped hide scheme

Wal-Mart Stores Inc. said in a filing Thursday that a fired vice president who claims he deserves whistle-blower protection was dishonest, repeating claims that he helped cover up a colleague’s scheme to pocket cash from gift cards and fake invoices.

In papers filed Thursday with the U.S. Labor Department, the world’s largest retailer called former vice president Jared Bowen dishonest. It also repeated allegations that former vice chairman Tom Coughlin used gift cards and bogus invoices to “finance his personal acquisitions.”

The company says Coughlin misappropriated hundreds of thousands of dollars over the course of a decade. The filing singles out an $8,500 all-terrain vehicle, a $10,000 custom hunting vehicle and a $30,000 hunting lease as examples of Coughlin’s alleged misspending.

Coughlin, through his attorney, has denied wrongdoing.