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NEW YORK, — WeissLaw LLP, a national class action and shareholders’ rights law firm with offices in New York, California and Georgia, announces an investigation of Navistar International Corporation (NYSE: NAV) (“Navistar,” or the “Company”).
The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws by the Navistar Board of Directors for the alleged dissemination of materially false and misleading information in connection with the Company’s operations. Specifically, according to a whistleblower suit that was recently unsealed, the Company’s senior executives participated in a long-running and pervasive scheme to defraud the United States government out of nearly $1.3 billion in the sale of Mine Resistant, Ambush-Protected (“MRAP”) vehicles needed in Afghanistan and Iraq. The U.S. government partially intervened in the case in September 2019 noting that conservatively, “approximately $1.28 billion of the $9 billion committed by the government was paid to [the Company]” on an inflated basis.
As part of this scheme, the Company allegedly violated the False Claims Act by forging invoices, catalogue prices, and other data during the contract negotiations for the MRAP vehicles. Furthermore, Navistar’s executive leadership – including its former President and Vice President – allegedly supported and participated in this extensive fraud.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
