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id: 1035, Created by Polina Foster, Scout
Cummins (CMI) Emission Devices Issues Case
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30 Apr 2019Class period Start
21 Dec 2023Class period End
- $CMI stockholder filed a claim vs. Cummins for misleading investors by secretly producing engines with illegal emission devices from 2019 to 2023.
- The news about engines caused $CMI to fall 2.87%, losing $990M+ shareholder value loss.
On December 22, 2023, the DOJ shared that Cummins agreed to pay a $1.6B penalty for claims of putting illegal devices in engines, breaking clean air rules. After this news, $CMI dropped by 2.87%.
- U.S. Attorney General Merrick Garland said the devices Cummins allegedly installed in its engines harm people's health and safety.
- The DOJ believes the engines produced harmful nitrogen oxide emissions, damaging the respiratory system and contributing to acid rain.
Based on these disclosures, $CMI stockholder filed a claim against Cummins and its leaders:
- Cummins supposedly used illegal emission devices in engines from 2019 to 2023.
- This led to downplaying legal risks, overstating environmental commitment, and causing investors losses when the truth came out.
Considering all the representations, investors have reasons to suspect that Cummins lied about using illegal emission devices in engines and overstated environmental commitment.
Failure to Disclose,
Shock Event Date
22 December 2023
15 January 2024
Lead Plaintiff Deadline
15 March 2024