Case Page

 

Case Status:    SETTLED
On or around 05/27/2011 (Date of order of final judgment)

Filing Date: December 13, 2007

The original complaint was filed on behalf of investors who purchased Navistar International Corp. securities. The action is pending against Navistar, certain of its current and former senior management and Deloitte & Touche LLP, Navistar’s former outside auditing firm. 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.

According to the Order issued on March 18, 2008, the Court appointed Norfolk County Retirement System and Plumbers’ Local Union Number 519 Pension Trust as lead plaintiffs and the Court further approved lead plaintiffs' selection of Wolf Popper LLP and Coughlin Stoia Geller Rudman & Robbins LLP as co-lead counsel. On May 5, 2008, the lead plaintiffs filed a Consolidated Class Action Complaint. On July 7, 2008, the Defendant Deloitte & Touche LLP filed a motion to dismiss the Consolidated Class Action Complaint. That same day, the Navistar defendant filed a motion to dismiss. On July 28, 2009, the Honorable Robert W. Gettleman granted Defendant Deloitte’s motion to dismiss but denied Navistar defendant's motion to dismiss. On August 3, 2009, Defendant Deloitte filed a motion for Entry of Final Judgment. The motion was denied on November 17, 2009. The parties soon after engaged in discovery proceedings.

On January 14, 2011, the plaintiffs filed a motion for preliminary approval of a settlement. The proposed settlement is in the amount of $13 million in cash, and will settle claims with the defendants. The settlement was preliminarily approved on January 25, 2011. The final settlement hearing is scheduled for May 25, 2011.

On May 25, 2011, the Honorable Robert W. Gettleman approved the settlement and entered the order awarding attorneys' fees, reimbursement of expenses and awards to lead plaintiffs.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Manufacturers
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NAVZ
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Illinois
DOCKET #: 07-CV-7014
JUDGE: Hon. Robert W. Gettleman
DATE FILED: 12/13/2007
CLASS PERIOD START: 02/14/2003
CLASS PERIOD END: 07/17/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Miller Law LLC
    115 S. LaSalle Street, Suite 2910, Miller Law LLC, IL 60603
    312.676.2665 · info@MillerLawLLC.com
  2. Robinson, Curley & Clayton
    300 S Wacker Dr # 1700, Robinson, Curley & Clayton, IL 60601
    312.663.3100 ·
  3. Schiffrin Barroway Topaz & Kessler, LLP (Radnor)
    280 King of Prussia Road, Schiffrin Barroway Topaz & Kessler, LLP (Radnor), PA 19087
    610.667.7706 610.667.7056 · info@sbtklaw.com
  4. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  5. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 07-CV-07014
JUDGE: Hon. Robert W. Gettleman
DATE FILED: 05/08/2008
CLASS PERIOD START: 02/14/2003
CLASS PERIOD END: 07/17/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Florida)
    197 S. Federal Highway, Suite 20, Coughlin Stoia Geller Rudman & Robbins LLP (Florida), FL 33432
    561-750-3000 561-750-3364 · info@csgrr.com/
  2. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
No Document Title Filing Date