Even though truck and engine manufacturer Navistar abandoned its EGR-only quest to meet 2010 EPA emissions standards, the company’s not completely out of the woods yet on dealing with the backlash: Three law firms have filed three separate class action lawsuits on behalf of Navistar shareholders who purchased common stock of Navistar International Corporation between Nov. 3, 2010, and Aug. 1, 2012.
CCJ sister site Successful Dealer has a full write-up on the lawsuits. The suits allege that through the aforementioned dates, the company mislead shareholders regarding business, finances and the company’s future prospects.
One of the suits alleges that Navistar said the EGR program was working when it wasn’t, thereby inflating the company’s stock price and confidence of investors.
The EGR-only approach, however, did not work to meet EPA standards and Navistar was forced to abandon it in favor of a partnership with Cummins to implement an SCR-based approach.
Navistar has declined to comment.
For more information on the lawsuits, see Successful Dealer‘s story.
Presented By: Electronic Funds Source