(Updated 8:54 a.m.)
(Reuters) ? Navistar International Corp. is the target of a formal U.S. Securities and Exchange Commission inquiry into accounting and disclosure matters and has withdrawn its full-year earnings forecast until September, the truck and engine maker said on Thursday.
The SEC has requested additional information on accounting and disclosure matters, Navistar said, and the company is cooperating with the request.
The company's shares were down more than 6 percent shortly after the market opened today.
Lisle-based Navistar said it expected to post a third-quarter pretax loss of $80 million to $115 million, excluding special items, but to return to profitability in the fourth quarter.
The company said the loss reflected penalties for its engines that do not comply with environmental regulations, as well as uncertain market demand in key markets such as Brazil and India.
Navistar has struck a deal in which Cummins Inc.'s emissions solutions unit will help its engines meet U.S. Environmental Protection Agency guidelines.
Navistar, which has been struggling to win U.S. regulatory approval for a new generation of diesel engine, changed course last month, saying it was developing a model that it expects to be ready early next year.
Analysts have questioned the costs for the transition to the new engine, which caused worries among investors about potential loss of market share.
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