In April, Cederoth and former chief executive officer Dan Ustian were sued in multiple class action lawsuits on behalf of shareholders who bought common stock between November 3, 2012 and August 1, 2012.
The suits allege that Cederoth violated Securities and Exchange laws by working to artificially inflate Navistar’s stock price before selling his 9,500 shares of the company’s stock when it was at record highs.
Cederoth sold his shares for upwards of $640,000 before the company’s stock price fell from $70.17 a share to $21.44.
