NEW YORK, March 20, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Navistar International Corp. ("Navistar" or the "Company") (NYSE: NAV), concerning whether the board has breached its fiduciary duties to shareholders.
In July 2012, the Company disclosed that a clean emissions technology on which it had spent approximately $700 million in research and development would not be EPA-compliant and would need to be abandoned. Company stock, which had reached $70 per share in anticipation of successful production of this technology, collapsed to lows below $20 per share.
On August 2, 2012, the Company announced that it had received a letter of inquiry from the SEC relating to an investigation of accounting and disclosure matters since 2010. Upon information and belief, the accounting and disclosure matters were connected to the Company's statements regarding the failed clean emissions technology.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Navistar shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq. Matthew M. Houston, Esq. Benjamin I. Sachs-Michaels, Esq. Harwood Feffer LLP 488 Madison Avenue New York, New York 10022 Phone Numbers: (877) 935-7400 (212) 935-7400 Email: firstname.lastname@example.org Website: http://www.hfesq.com
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP