RADNOR, Pa., Feb. 03, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Central District of California against Cummins Inc. (“Cummins”) (NYSE: CMI). The action charges Cummins with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Cummins’ s materially misleading statements and omissions to the public, Cummins’ s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR CUMMINS LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/cummins-inc?utm_source=PR&utm_medium=link&utm_campaign=cmi&mktm=r
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LEAD PLAINTIFF DEADLINE: MARCH 15, 2024
CLASS PERIOD: APRIL 30, 2019 THROUGH DECEMBER 21, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at [email protected]
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field as well as the firm itself which is continuously awarded for the successful results we’ve achieved. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
In addition to representing investors in cases where the fraud has been revealed, Kessler Topaz also represents whistleblowers – persons who expose wrongdoing to those in positions of authority or to the public- in cases brought under federal and state qui tam statutes, and through financial fraud whistleblower programs, such as those run by the SEC, CFTC and IRS. If you have information about fraud against government programs (such as Medicare), or violations of federal securities, commodities, tax or anti-foreign bribery laws, contact Kessler Topaz at (866) 369-7779 or at [email protected] or go to https://www.ktmc-whistleblower.com.
DEFENDANTS’ ALLEGED MISCONDUCT
The Class Period begins on April 30, 2019, when Cummins filed its quarterly report with the SEC wherein the company advised investors that, following conversations with the EPA and other governmental regulators regarding certification for the engines in the 2019 RAM 2500 and 3500 trucks, it was formally reviewing its emissions certification and compliance process for its pickup truck applications.
Thereafter and throughout the Class Period, Cummins continued to make the same representations to investors in SEC filings and other public statements, however, despite the company’s continued assurances about the legal compliance of its engines, Cummins was continuing to produce engines for RAM 2500 and 3500 trucks with unlawful emission control devices.
The truth was finally revealed on December 22, 2023, when during pre-market hours, Cummins disclosed that the company had reached an agreement in principle with the EPA and other state and federal regulators “to resolve civil claims regarding the [c]ompany’s emissions certification and compliance process for certain engines” and that Cummins expected to record “a charge of approximately $2.04 billion in the fourth quarter of 2023 to resolve these claims and related matters.”
Further, that same day, the U.S. Department of Justice (“DOJ”) revealed that, not only had the company engaged in malfeasance for years prior to its April 2019 announcement of its internal review, but also that the company engaged in malfeasance for years after it disclosed the review of its compliance with emissions standards. For example, the DOJ stated that Cummins had “allegedly installed defeat devices on 630,000 model year 2013 to 2019 RAM 2500 and 3500 pickup truck engines.” The DOJ’s press release also disclosed that the company allegedly installed undisclosed auxiliary emission control devices on 330,000 model year 2019 to 2023 RAM 2500 and 3500 pickup truck engines. According to the DOJ, the penalty agreed to with Cummins would be the “largest ever for a clean air act violation and the second largest ever environmental penalty.”
Following this news, the price of Cummins stock fell by $7.01 per share, or 2.87%, to close at $236.99 on December 22, 2023.
WHAT CAN I DO?
Cummins investors may, no later than March 15, 2024, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Cummins investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Cummins, Baker v. Cummins Inc., et al., Case No. 24-cv-00369, is filed in the United States District Court for the Central District of California.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
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