LOS ANGELES, April 11, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, representing investors of Navistar International Corporation ("Navistar" or the "Company") (NYSE:NAV), has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of a class (the "Class") comprising all purchasers of Navistar securities between November 3, 2010 and August 1, 2012, inclusive (the "Class Period"). The Complaint alleges that throughout the Class Period the Company issued materially false and misleading statements regarding the Company's financial condition and future prospects.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, or by email at shareholders@glancylaw.com.
Navistar is a holding company whose subsidiaries and affiliates produce commercial and military trucks, buses, diesel engines, recreational vehicles and chassis, as well as provide parts and service for trucks and trailers through its subsidiaries, manufactures and sells commercial and military trucks, buses, diesel engines and recreational vehicles, and provides service parts for trucks and trailers worldwide. The Complaint alleges that throughout the Class Period the Company misrepresented and/or failed to disclose that: (a) Navistar's attempted methods for compliance with Environmental Protection Agency (EPA) guidelines had failed and Navistar would be forced to revise its plan to meet guidelines, incurring enormous costs to the Company; (b) Navistar did not timely have engines available to meet the 2010 EPA standards; (c) Navistar's filings with the Securities and Exchange Commission (SEC) contained incomplete and misleading disclosures, including statements about the costs of recalls and details of various debts; and (d) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its revenue outlook.
Then, on August 2, 2012, Navistar announced it was withdrawing its full-year fiscal 2012 guidance until the release of its third fiscal quarter 2012 results in September. Further, the Company disclosed receiving a formal letter of inquiry from the SEC involving an investigation of various accounting and disclosure matters dating back to November 2010. As a result of this news, the price of Navistar's common stock dropped from a closing price of $24.77 per share on August 1, 2012 to $21.44 per share on August 2, 2012, a decline of approximately 13% in one trading day on volume of nearly 7.6 million shares.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, no later than May 20, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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