Snap-On Tools sent a letter to its...

Snap-On Tools sent a letter to its 8,000 stockholders stating that a series of recent lawsuits by current and former dealers would not hurt the company’s growth or earnings. Shares in the world’s largest independent manufacturer and distributor of tools and electronic diagnostic equipment for professional mechanics have fallen $2.875 to $39 since the filing of the latest lawsuit--a group of 27 Southern California dealers sued the Kenosha, Wis.-based company July 5.