Navistar International Corporation Case 12/13/2007

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of June, 14 2011 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
Navistar International Corporation
Case Name: 
Navistar International Corporation Case 12/13/2007
Case Status: 
Settlement Proposed
Affected Securities
NYSE: NAV
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/13/2007
Class Period Begin: 
02/14/2003
Class Period End: 
07/17/2006
Date Settled: 
05/25/2011
Settlement Amount: 
$13,000,000
Deadline to Participate in Settlement: 
06/14/2011
Settlement Notice: 
application/pdf iconNavistar_International_Notice_2011.pdf
Settlement Proof: 
application/pdf iconNavistar_International_Proof_2011.pdf
Summary: 

JANUARY 2011 - As per the notice: Security and Time Period: Navistar common stock (Symbol NAV) purchased on the open market between February 14, 2003 and July 17, 2006, inclusive.

Settlement Fund: $13,000,000 in cash plus any interest earned. Your recovery will depend on the timing of your purchases and any sales of Navistar common stock on the open market during the Class Period. Based on the information currently available to Lead Plaintiffs and the analysis performed by their damage consultants, it is estimated that if Class Members submit claims for 100% of the shares eligible for distribution under the Plan of Allocation (described below), the estimated average distribution per share of common stock will be approximately $0.325 before deduction of Court‐approved fees and expenses, including the cost of notifying members of the Class and settlement administration. Historically, actual claim rates are less than 100%, which result in higher distributions per share. A Class Member’s actual recovery will be a proportion of the Net Settlement Fund determined by that claimant’s recognized claim as compared to the total recognized claims of all Class Members who submit valid Proof of Claim and Release forms (“Proof of Claim”).

Reasons for Settlement: Avoids the costs and risks associated with continued litigation, including the danger of no recovery.

DECEMBER 2007 - A securities fraud lawsuit has been commenced on behalf of investors who purchased Navistar International Corp. securities. The action is pending against Navistar, certain of its current and former senior management and Deloitte & Touche LLP, Navistar’s former outside auditing firm. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that the defendants knowingly and fraudulently misrepresented Navistar’s financial results during the class period. When the truth began to be revealed to the market, beginning on December 14, 2005 and continuing through July 17, 2006, Navistar’s stock price fell from $30.28 to $20.95, a 30% drop.