Navistar inquiry becomes formal probe
Navistar International Corp has been advised by the Securities and Exchange Commission that the inquiry into the company’s restatement of its financial results for the fiscal years 2002 and 2003 and the first three quarters of 2004 has become a formal investigation.
The truck and engine manufacturer identified information potentially relevant to the probe that may be in the possession of one or more ex-employees outside the company’s control. Navistar informed the SEC of this information, and the SEC changed the status of its inquiry. The company continues to cooperate fully with the SEC.
The firm announced March 14 that the filing of the Form 10-Q for the first fiscal quarter ended Jan 31, 2005, for the company and Navistar Financial Corp, its finance subsidiary, will be delayed. First quarter results are expected to be announced by mid-April. Reasons for the delay are unrelated to the SEC’s decision to change the inquiry status.
