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Navistar to pay $7.5 million penalty for misleading investors

Navistar to pay $7.5 million penalty for misleading investors

LISLE, Ill. — Navistar International Corp was charged by the U. S. Securities and Exchange Commission for misleading investors regarding development of an advanced technology truck engine which meets the U. S. emission standards for certification.

SEC announced on Thursday, Navistar International Corp. agreed to pay $7.5 million penalty to settle the charges brought by Securities and Exchange Commission regarding the company’s claims to investors. However, as a part of the settlement, Navistar the Lisle, Illinois based truck manufacturer did not admit of any wrongdoing.

In a separate complaint filed with a federal court in the Northern District of Illinois, the SEC charged Daniel Ustian, an ex- Navistar chief executive officer for misleading investors and for aiding and abetting violations by Navistar. Ustian stepped down from his post at Navistar in 2012.

To read the full story by Top News, click here.

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About Rebecca Smith

Rebecca Smith is a Wisconsin native currently living in Illinois with her husband, Eric, and two dogs, Maggie and Grace. She enjoys hiking, biking, kayaking and, of course, camping in cabins and park models.

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