Navistar Hit With Class Action After $1B Restatement

Law360, New York (January 9, 2008, 12:00 AM EST) -- Three months after revealing a $1 billion discrepancy in its financial reports, holding company Navistar International Corp. has been hit with a proposed class action by a shareholder alleging the company, its auditor and several executives deliberately misled investors.

Plaintiff Kevin Memoli — who filed the complaint on behalf of a putative class of all purchasers of Navistar stock between Febuary 2003 and July 2006 — has accused the company, certain directors and accounting firm Deloitte & Touche LLP of concealing materially adverse facts from its...
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