The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Cummins Inc. (“Cummins” or the “Company”) (NYSE: CMI) securities between April 30, 2019 and December 21, 2023, inclusive (the “Class Period”). Cummins investors have until March 15, 2024 to file a lead plaintiff motion.
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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Cummins securities during the Class Period, you may move the Court no later than March 15, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased Cummins securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240125075267/en/
The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Cummins Inc. (CMI) Investors
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
info@frankcruzlaw.com
www.frankcruzlaw.com
