If you invested in Cummins and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses »
04/30/2019 - 12/21/2023
LEAD PLAINTIFF DEADLINE
In the past, Cummins has repeatedly assured investors that it has taken steps to ensure that its RAM 2500 and 3500 pickup truck engines and applications meet applicable emissions regulations.
A recently filed securities fraud class action complaint alleges Cummins made misleading statements and concealed that: (1) contrary to its post-April 2019 assurances about its commitment to compliance, Cummins continued to produce engines utilizing undisclosed engine control software features from 2019 to 2023; and (2) accordingly, the company understated its legal and regulatory risks.
Investors learned the truth on Dec. 22, 2023, when the U.S. Department of Justice announced an initial agreement with Cummins requiring it to pay a whopping $1.675 billion “to settle claims that, over the past decade, the company unlawfully altered hundreds of thousands of engines to bypass emissions tests in violation of the Clean Air Act.”
The DOJ further revealed that Cummins “also allegedly installed undisclosed auxiliary emission control devices on 330,000 model year 2019 to 2023 RAM 2500 and 3500 pickup truck engines.” Known as AECDs, these devices must be disclosed to the EPA and must comply with EPA Certificates of Compliance (“COC”). They did not, according to the DOJ.
In addition, Cummins said “it expects to record a charge of $2.04 billion in the fourth quarter of 2023 to resolve these and other related matters involving approximately one million pick-up truck applications in the United States.”
Attorney General Merrick Garland said the penalty is “the largest civil penalty we have ever secured under the Clean Air Act, and the second largest environmental penalty ever secured.”
This news sent the price of Cummins shares significantly lower as analysts and investors were surprised by the amount of the fine and new information.
FREQUENTLY ASKED QUESTIONS ABOUT THE CASE
- What is the CMI securities class-action case about?
The litigation on behalf of investors nationwide alleges Cummins made misleading statements and concealed that: (1) contrary to its post-April 2019 assurances about its commitment to compliance, Cummins continued to produce engines utilizing undisclosed engine control software features from 2019 to 2023; and (2) accordingly, the company understated its legal and regulatory risks.
WHAT SHOULD I DO?
- I worked at CMI. What should I do?
If you were an employee of CMI during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or CMI@hbsslaw.com.
- There are multiple law firms participating, do I need to contact all of them?
No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions
AM I ELIGIBLE?
- What is the threshold amount to be eligible? What are “substantial” losses?
The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.
CAN I PARTICPATE?
- Am I affected? What do I need to do to participate?
If you were an investor in CMI during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.
- Can any CMI investor participate?
In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.
- I bought on a non-U.S. Exchange. Can I participate?
No. This class-action only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.
- Am I included if I still hold my shares, or do I need to sell to participate?
Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.