San Diego, CA -- (SBWire) -- 09/13/2016 --The Shareholders Foundation announced that a deadline is coming up on September 16, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Navistar International Corporation (NYSE:NAV) between March 10, 2010 and August 1, 2012.
Investors who purchased a significant amount of shares of Navistar International Corporation (NYSE:NAV) between March 10, 2010 and August 1, 2012, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Navistar International Corporation (NYSE:NAV) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/navistar-international-corporation-nyse-nav-investor-securities-class-action-lawsuit-03192013
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is September 16, 2016. The class action administrator for this case is Navistar Securities Settlement.
The lawsuit was originally filed in the U.S. District Court for the Northern District of Illinois against Navistar International Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 3, 2010 and August 1, 2012.According to the complaint the plaintiff alleges on behalf of purchasers of Navistar International Corporation (NYSE:NAV) common stock during the period between November 3, 2010 and August 1, 2012, that Navistar International Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between November 3, 2010 and August 1, 2012 materially false and misleading statements concerning the Company's financial condition and future business prospects.
Prior to November 3, 2010, the U.S. Environmental Protection Agency ("EPA") had imposed new regulations on 2010 model trucks that included strict emissions standards. The two primary engine technologies that emerged to meet the new standards were Exhaust Gas Recirculation ("EGR") and Selective Catalytic Reduction ("SCR").
The plaintiff claims that Navistar International Corporation chose the EGR technology, not the SCR technology its competitors were using to meet the new standards, and then represented that the new EGR technology was compliant and the vehicles were ready for sale.
According to the complaint after November 3, 2010 it was clear this product differentiation strategy was not working.
The plaintiff claims that despite the $700 million Navistar International Corporation had spent on developing its EGR engine, Navistar International Corporation had not even applied for certification of the EPA emissions standard by November 3, 2010 and as a result Navistar International Corporation allegedly faced technological, legal and liquidity issues which threatened its business.
The plaintiff says that in order to conceal this fact from Navistar International Corporation's investors and customers, defendants repeatedly stated between November 3, 2010 and August 1, 2012 that Navistar International Corporation had indeed achieved an engineering milestone and had an EPA-compliant EGR engine ready to be certified and as a result of the defendants' statements, the price of Navistar International Corporation common stock traded at inflated prices between November 3, 2010 and August 1, 2012, reaching a high of $70.17 per share on April 26, 2011.
Those who purchased shares of Navistar International Corporation 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
Deadline Upcoming in $9.1 Million Settlement in the Navistar International Corporation (NYSE:NAV) Investor Lawsuit
A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Navistar International Corporation (NYSE:NAV) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on September 16, 2016 and NYSE:NAV investors should contact the Shareholders Foundation.