San Diego, CA -- (ReleaseWire) -- 01/21/2014 -- An investigation on behalf of investors in shares of Navistar International Corp (NYSE:NAV) was announced concerning whether certain Navistar International officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who purchased shares of Navistar International Corp (NYSE:NAV) in 2010 or earlier and currently hold any of those NYSE:NAV shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554
The investigation by a law firm concerns, among other things, whether certain Navistar International officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
In 2001, the U.S. Environmental Protection Agency ("EPA") drafted new, strict regulations on trucks that were set to go into effect in 2010. The two primary engine technologies that emerged to meet the new standards were Exhaust Gas Recirculation (“EGR”) and Selective Catalytic Reduction (“SCR”).
More specifically, the investigation focuses on whether Navistar International claimed that it could develop an EGR engine that would be certified by the EPA, whether Navistar International had not applied for certification of the EPA emissions standard until early 2011, and whether certain officers and directors stated that Navistar International had achieved an engineering milestone and had an EPA-compliant EGR engine ready to be certified.
In July 2012, Navistar International Corp. shocked the market when the Company admitted its failure to achieve an EPA-compliant EGR engine. On August 2, 2012, Navistar issued a press release announcing that is was withdrawing its full-year fiscal 2012 guidance until the release of its third fiscal quarter 2012 results in September.
Shares of Navistar International Corp (NYSE:NAV) declined from slightly over $70 in April 2011 to as low as $18.51 per share in October 2012.
In Navistar International’s recent Annual Report filed with the Securities Exchange Commission on December 20, 2013, the Company disclosed that it “identified material weaknesses in [its] internal controls over financial reporting that, if not properly corrected, could materially adversely affect [its] operations and result in material misstatements in [its] financial statements.”
Shares of Navistar International Corp (NYSE:NAV) declined from $40.05 per share on December 17, 2013, to $36.34 per share on December 23, 2013.
On January 17, 2014, NYSE:NAV shares closed at $38.37 per share.
Those who are current long-term investors in shares of Navistar International Corp have certain options and you should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554
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