Archived Investigations
Cummins Inc. (NYSE: CMI)
Cummins and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 22, 2023, pre-market, the Company disclosed an agreement in principle reached with the U.S. Environmental Protection Agency and other state and federal regulators “to resolve civil claims regarding the Company’s emissions certification and compliance process for certain engines” and expected to record “a charge of approximately $2.04 billion in the fourth quarter of 2023 to resolve these claims and related matters.” The same day, the U.S. Department of Justice issued a press release on the matter, also disclosing that the Company “allegedly installed defeat devices on 630,000 model year 2013 to 2019 RAM 2500 and 3500 pickup truck engines,” but noted that it “also allegedly installed undisclosed auxiliary emission control devices on 330,000 model year 2019 to 2023 RAM 2500 and 3500 pickup truck engines.”
On 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.
The case is Baker v. Cummins Inc., et al., No. 24-cv-00369.