San Diego, CA -- (SBWire) -- 01/24/2024 --An investor, who purchased shares of Cummins Inc. (NYSE: CMI), filed a lawsuit over alleged violations of Federal Securities Laws by Cummins Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Cummins Inc. (NYSE: CMI) have certain options and for certain investors are short and strict deadlines running. Deadline: March 15, 2024. NYSE: CMI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Columbus, IN based Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. Cummins Inc. reported that its annual Total Revenue rose from over $24 billion in 2021 to over $28 billion in 2022, and that its Net Income increased from over $2.13 billion in 2021 to over $2.15 billion in 2022.
On December 22, 2023, the United States Department of Justice issued a press release entitled "Attorney General Merrick Garland Statement on the Agreement in Principle with Cummins to Settle Alleged Installation of Illegal Defeat Devices in Engines." It stated, in pertinent part, "[e]ngine manufacturer Cummins Inc. today disclosed that it has reached an agreement in principle with the United States and State of California to pay a $1.675 billion penalty to settle claims that it violated the Clean Air Act by installing emissions defeat devices on hundreds of thousands of engines."
Shares of Cummins Inc. (NYSE: CMI) declined from $265.28 per share on August 01, 2023, to as low as $230.15 per share on January 18, 2024.
The plaintiff claims that between April 30, 2019 and December 21, 2023, the defendants made materially false and/or misleading statements and/or failed to disclose that Contrary to its post-April 2019 Announcement assurances about its commitment to compliance, Cummins continued to produce engines with unlawful emission defeating devices from 2019 to 2023, that accordingly, Cummins understated its legal and regulatory risk, and overstated its commitment to environmental protection, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times
Those who purchased shares of Cummins Inc. (NYSE: CMI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Cummins Inc. (NYSE: CMI) Investor Notice: Lawsuit Alleges Misleading Statements
A lawsuit was filed on behalf of investors in Cummins Inc. (NYSE: CMI) shares over alleged securities laws violations.