SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Cummins Inc. - CMI
NEW YORK, March 3, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Cummins Inc. ("Cummins" or the "Company") (NYSE: CMI). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Cummins Solutions and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until March 15, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Cummins securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On December 22, 2023, Cummins announced that it had "reached an agreement in principle with the U.S. Environmental Protection Agency, the California Air Resources Board ('CARB'), the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve civil claims regarding the Company's emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the United States (collectively, the 'Agreement in Principle'). The Agreement in Principle relates to the ongoing formal review of the Company's emissions certification process and compliance with emissions standards for certain pickup truck applications." Accordingly, Cummins stated that it "expects to record a charge of approximately $2.04 billion in the fourth quarter of 2023 to resolve these claims and related matters." That same day, the United States Department of Justice ("DOJ") issued a press release announcing, in relevant part, that Cummins had agreed "to pay a $1.675 billion penalty to settle claims that it violated the Clean Air Act by installing emissions defeat devices on hundreds of thousands of engines." The DOJ press release stated that Cummins "allegedly installed defeat devices on 630,000 model year 2013 to 2019 RAM 2500 and 3500 pickup truck engines" and "also allegedly installed undisclosed auxiliary emission control devices on 330,000 model year 2019 to 2023 RAM 2500 and 3500 pickup truck engines".
On this news, Cummins's stock price fell $7.01 per share, or 2.87%, to close at $236.99 per share on December 22, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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