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NAV Navistar International Corp

44.50
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Navistar International Corp NYSE:NAV NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 44.50 0 01:00:00

Navistar CEO To Return Part Of 2004 Bonus In SEC Settlement

20/10/2009 12:04am

Dow Jones News


Navistar (NYSE:NAV)
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   DOW JONES NEWSWIRES 
 

Navistar International Corp. (NAV) Chairman and Chief Executive Daniel C. Ustian agreed to return part of his 2004 bonus in a tentative settlement of a Securities and Exchange Commission probe.

Several former employees of the maker of trucks, buses and engines also are expected to agree to a civil penalty, but the company will not pay any fines or penalties. Navistar will not admit or deny wrongdoing as part of the settlement, which requires the agency's approval.

The SEC has been investigating the company since 2006. In 2007, Navistar restated its financial results for 2002 through the first three quarters of 2005 to correct accounting errors, and it recorded $1.99 billion in net restatement charges.

At that time, the company said some of the smaller, but in some cases material, adjustments were due to "instances of intentional misconduct," although most of the errors were due to a lack of proper accounting knowledge. It also said most people involved in misconduct were no longer with Navistar.

General Counsel Steven Covey said Monday that the company "has invested heavily in systems and personnel to ensure that events that led to the restatement will not occur in the future."

Navistar's shares closed Monday at $39.09 and were inactive after hours.

-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com

 
 

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