WARRENVILLE, IL — The Securities and Exchange Commission has advised Navistar International that the inquiry it opened into the company’s restatement of its financial results for the fiscal years 2002 and 2003 and the first three quarters of 2004 has now become a formal investigation.
In a statement issued on March 17, Navistar said it is cooperating with the SEC’s inquiry and has identified information potentially relevant to the investigation that may be in the possession of one or more former employees outside the company’s control. After Navistar informed the SEC of this information, the SEC changed the status of its inquiry.
The company announced on March 14 that the filing of the Form 10-Q for the first fiscal quarter ended Jan. 31, for the company and Navistar Financial Corp., its finance subsidiary, will be delayed beyond their respective deadlines and that it expects it will announce first quarter results by mid-April. The reasons for the delay are unrelated to the SEC’s decision to change the status of the inquiry.
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