Business

Navistar tumbles after receiving letter from SEC

Posted August 02, 2012 8:34 am

Bloomberg News

Lisle-based Navistar International Corp., the maker of International brand trucks, fell in early trading after it disclosed a U.S. Securities and Exchange Commission inquiry and withdrew its full-year earnings forecast.

Navistar fell 6.1 percent to $23.25 a share at 8:42 a.m. New York time before the start of regular trading. The company’s stock has declined 35 percent this year through yesterday.

The company said it received a formal letter from the SEC requesting additional information related to accounting and disclosure matters. The Lisle, Illinois-based company said it is “cooperating fully” with the request. The company also said it is withdrawing its yearly forecast until third-quarter earnings are released next month.

Navistar has been in the process of developing an engine that will meet U.S. emission standards after its earlier technology failed to comply.

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