NEW YORK, May 3, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Navistar International Corporation ("Navistar" or the "Company") (NYSE: NAV).
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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Navistar's attempted methods to achieve compliance with Environmental Protection Agency ("EPA") guidelines in truck manufacturing had failed and Navistar would be forced to revise its plan to meet guidelines, incurring substantial costs to the Company; (2) Navistar did not have engines ready to meet the 2010 EPA standards; and (3) Navistar's filings with the SEC contained incorrect disclosures, including statements about the costs of recalls and details of various debts.
On August 2, 2012, shares of Navistar fell $3.33 or approximately 13% to close at $21.44 after the Company disclosed that it had received a formal letter of inquiry from the Securities & Exchange Commission ("SEC") relating to accounting and disclosure matters dating back to November 2010. The Company also announced it was withdrawing its full year fiscal 2012 guidance until the release of its third fiscal quarter 2013 results in September.
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Take Action
If you invested in Navistar stock or options between June 9, 2010 and August 1, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/NAV. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Navistar's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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