Wolf Popper LLP
Securities Fraud Class Action Against Navistar International Corp. Sustained Over Defendants' Motions to Dismiss
Wolf Popper LLP has filed a securities fraud lawsuit on behalf of investors who purchased Navistar International Corp. (NYSE: NAVZ) securities on the open market from February 14, 2003 through July 17, 2006.
The action is pending in the U.S. District Court for the Northern District of Illinois, (Index No. 07 C 7014), against Navistar, and certain of its current and former senior management. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
The complaint alleges that the defendants knowingly and fraudulently misrepresented Navistar’s financial results during the class period. When the truth began to be revealed to the market, beginning on December 14, 2005 and continuing through July 17, 2006, Navistar’s stock price fell from $30.28 to $20.95, a 30% drop.
On March 18, 2008 the Honorable Robert W. Gettleman of the United States District Court for the Northern District of Illinois appointed Wolf Popper LLP as Co-Lead Counsel, and its client the Norfolk County Retirement System as Co-Lead Plaintiff.
On July 30, 2009 Judge Gettleman denied the Navistar defendants’ motion to dismiss and granted the motion to dismiss filed by Deloitte & Touche LLP, Navistar’s former outside auditing firm, removing them from the action. The parties are currently engaged in discovery.
