The lawsuit alleges that throughout the Class Period, the defendants made materially false and/or misleading statements and/or failed to disclose that, contrary to Cummins’ April 2019 announcement in which it provided assurances about its commitment to compliance, Cummins continued to produce engines with unlawful emission defeating devices from 2019 to 2023. In this regard, the defendants are alleged to have understated its legal and regulatory risk, and overstated its commitment to environmental protection. When the true details entered the market, the lawsuit claims that investors suffered damages.

On December 22, 2023, Cummins announced that it “expects to record a charge of approximately $2.04 billion in the fourth quarter of 2023” related to an agreement with the U.S. Environmental Protection Agency, the California Air Resources Board, the U.S. Department of Justice, and the California Attorney General’s Office to resolve civil claims regarding the Cummins’ emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the United States.

On this news, the price of Cummins stock fell by $7.01 per share (2.87%) to close at $236.99 on December 22, 2023.

Investors who purchased or acquired Cummins securities between April 30, 2019 and December 21, 2023, may no later than March 15, 2024, seek to be appointed as a lead plaintiff representative of the class.