STEVENSON, Md., April 11, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Navistar International Corporation ("Navistar" or the "Company") (NYSE:NAV) common stock during the period between June 9, 2010 and August 1, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in Navistar International Corporation common stock purchased on or after November 3, 2010, and held through August 1, 2012, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 20, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's attempts to achieve compliance with U.S. Environmental Protection Agency ("EPA") guidelines in truck manufacturing had failed, meaning the Company would be forced to revise its plan for meeting the guidelines at significant increased cost, that the Company did not have engines ready to meet the 2010 EPA standards, and that the Company's filings with the U.S. Securities and Exchange Commission ("SEC") contained incomplete and misleading disclosures about the costs of recalls and details of various debts. According to the Complaint, following a February 14, 2012 statement in a blog that the EPA had advised Navistar that it would be fined for shipping thousands of back-dated engines during its 2010 engine transition, Wells Fargo's April 19, 2012 decision to downgrade Navistar citing challenges for the Company with soft truck demand and EPA emissions certification, the Company's July 6, 2012 disclosure that it was abandoning its Advanced EGR engine technology in favor of SCR (the technology used by its rivals) in order to meet 2010 EPA emissions standards, and the Company's August 2, 2012 disclosure that it was withdrawing its full-year fiscal 2012 guidance until the release of its third fiscal quarter 2012 results in September and that it had received a formal letter of inquiry from the SEC concerning an investigation of various accounting and disclosure matters dating back to November 2010, the value of Navistar shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.