SAN DIEGO, April 16, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor who currently holds shares of Navistar International Corp (NYSE:NAV) filed a lawsuit against certain directors over alleged breaches of fiduciary duties and waste of corporate assets.
If you purchased Navistar International Corp (NAV) shares in 2010 or earlier and currently hold any of those shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
The plaintiff alleges that certain directors are responsible for the company's failure to abide by U.S. governmental environmental regulations and that this failure subjected the company to significant fines and penalties.
In 2001, the U.S. Environmental Protection Agency ("EPA") drafted new, strict regulations on trucks that were set to go into effect in 2010, which, among other things, stated that no heavy-duty diesel engine could emit levels of nitrogen oxides higher than 0.20 g/bhp-hr. The two primary engine technologies that emerged were Exhaust Gas Recirculation ("EGR") and Selective Catalytic Reduction ("SCR").
The plaintiff claims that despite clear indications that EGR was not a viable method to achieve 0.20g NOx limit, certain defendants repeatedly claimed that Navistar International Corp. could develop an EGR engine that would be certified by the EPA.
The plaintiff says that although Navistar invested approximately $700 million on developing its proprietary Advanced EGR engine, it was later revealed that the Company had not even applied for certification of the EPA emissions standard (0.20g NOx) until early 2011, one year after the EPA Standards in 2010 had become effective.
The plaintiff alleges that in July 2012, Navistar International Corp. shocked the market when the Company admitted its failure to achieve an EPA-compliant EGR engine.
Then on August 2, 2012, Navistar issued a press release announcing that is was withdrawing its full-year fiscal 2012 guidance until the release of its third fiscal quarter 2012 results in September. Furthermore, Navistar International Corp disclosed that it received a letter of inquiry from the SEC involving an investigation of various accounting and disclosure matters dating back to November 2010.
Shares of Navistar International Corp (NAV) declined from over $70 in April 2011 to as low as $18.51 in October 2012.
Those who are current long-term investors in shares of Navistar International Corp have certain options and should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal 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. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 firstname.lastname@example.org 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.