Cummins Inc.
| Company Name | Cummins Inc. |
| Stock Symbol | CMI |
| Class Period | April 30, 2019 to December 21, 2023 |
| Lead Plaintiff Motion Deadline | March 15, 2024 |
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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