UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): January 15, 2010
LUFKIN INDUSTRIES,
INC.
(Exact
name of registrant as specified in its charter)
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TEXAS
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000-02612
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75-0404410
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(State
or other jurisdiction
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(Commission
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(I.R.S.
Employer
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Of
incorporation)
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File
Number)
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Identification
No.)
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601
SOUTH RAGUET, LUFKIN, TEXAS
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75904
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (936)
634-2211
NOT
APPLICABLE
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other Events.
On
January 15, 2010, the U.S. District Court for the Eastern District of Texas
notified the Company that it had entered a final judgment related to the
Company’s ongoing class-action lawsuit. The Court ordered Lufkin Industries to
pay the plaintiffs $3.3 million in damages, $2.2 million in pre-judgment
interest and 0.41% interest for any post-judgment interest. The Company had
previously estimated the total liability for damages and interest to be
approximately $5.2 million.
The Court
also ordered the plaintiffs to submit a request for legal fees and expenses from
January 1, 2009 through the date of the final judgment. The plaintiffs are
required to submit this request within 14 days of the final judgment. Until the
plaintiffs submit this reimbursement request and the Court reviews their
request, the Company can not reasonably estimate this liability.
On
January 15, 2010, the plaintiffs filed a notice of appeal with the U.S. Fifth
Circuit Court of Appeals of the District Court’s final judgment. On January 21,
2010, The Company filed a notice of cross-appeal with the same
court. In addition, the Company filed a motion with the District
Court to stay the payment of damages referenced in the District Court’s final
judgment pending the outcome of the Fifth Circuit’s decision on both parties’
appeals. The District Court has not yet ruled on this motion to
stay.
The
Company will accrue an additional charge of $0.3 million during the fourth
quarter of 2009 related to the interest and damages award. When the Company can
reasonably estimate the liability for the plaintiff’s legal fees since January
1, 2009, the Company will accrue an additional charge and file a current report.
It is management’s opinion that the Company’s liability for these legal fees
would not materially affect its consolidated financial position or cash
flow.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
LUFKIN INDUSTRIES, INC.
By /s/ Christopher
L. Boone
Christopher L. Boone
Vice President/Treasurer/Chief
Financial Officer
(Principal Financial and Accounting
Officer)
Date: January
22, 2010