The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Cummins Inc. (CMI)
The Law Offices of Frank R. Cruz reminds investors of the upcoming March 15, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Cummins Inc. ("Cummins" or the "Company") (NYSE: CMI) securities between April 30, 2019 and December 21, 2023, inclusive (the "Class Period").
If you are a shareholder who suffered a loss, click here to participate.
On December 22, 2023, the United States Department of Justice ("DOJ") revealed that it had reached an agreement with Cummins that required the Company to pay a $1.675 billion penalty to settle claims that the Company violated the Clean Air Act by installing hundreds of thousands of devices into engines to bypass emission control sensors.
On this news, Cummins' stock price fell $7.01, or 2.9%, to close at $236.99 on December 22, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Contrary to its post-April 2019 Announcement assurances about its commitment to compliance, Cummins continued to produce engines with unlawful emission defeating devices from 2019 to 2023; (2) accordingly, Cummins understated its legal and regulatory risk, and overstated its commitment to environmental protection; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Cummins securities during the Class Period, you may move the Court no later than March 15, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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