Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Cummins Inc. who purchased shares between April 30, 2019 and December 21, 2023.
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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 15, 2024 to request that the court appoint them lead plaintiff.