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LOS ANGELES, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Cummins Inc. ("Cummins" or the "Company") (NYSE: CMI) investors of a class action representing investors that bought securities between April 30, 2019 to December 21, 2023, inclusive (the "Class Period"). Cummins investors have until December 2, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On December 22, 2023, prior to the market opening, Cummins issued a Form 8-K announcing that it had reached an agreement in principle with the U.S. Environmental Protection Agency (EPA), the California Air Resources Board (CARB), the U.S. Department of Justice (DOJ), and the California Attorney General’s Office. This agreement aimed to resolve civil claims regarding Cummins’ emissions certification and compliance processes for specific engines used in pickup trucks in the U.S. As part of the settlement, Cummins expected to incur a charge of $2.04 billion in Q4 2023, in addition to other minor charges.
On the same day, the DOJ released a statement accusing Cummins of installing illegal emissions defeat devices on approximately 630,000 RAM 2500 and 3500 pickup truck engines from the 2013–2019 model years, along with undisclosed auxiliary emission control devices on 330,000 engines from the 2019–2023 model years. The DOJ highlighted that the settlement represented the largest civil penalty ever imposed for a violation of the Clean Air Act. Attorney General Merrick Garland emphasized that the agreement held Cummins accountable for allegedly bypassing emissions tests, which could lead to significant health risks due to elevated nitrogen oxide emissions.
In response to the announcement, Cummins’ stock price dropped by $7.01 per share, or 2.87%, falling from $244.00 on December 21, 2023, to $236.99 on December 22, 2023.
The ensuing lawsuit claims that Cummins made materially false and misleading statements, and failed to disclose key information, specifically: (1) despite prior assurances following its 2019 announcement regarding emissions compliance, Cummins continued to produce engines with illegal emissions defeat devices between 2019 and 2023, and (2) as a result, the company understated its legal and regulatory risks, while overstating its commitment to environmental compliance.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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