Navistar Says SEC Opens Probe

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avistar International Corp. said late Thursday the Securities and Exchange Commission had begun a formal investigation into the company’s restatement of its financial results for fiscal years 2002 and 2003, and the first three quarters of 2004.

Navistar said the SEC, which began an inquiry into the restatement last month, shifted to an investigation when the company told the SEC that “information potentially relevant to the investigation may be in the possession of one or more former employees outside the company’s control.”

On March 14, the company said that delays in filing its 2004 annual earnings report have led to a delay in filing its fiscal first-quarter 2005 earnings, but the company said it “expects” to report those results by mid-April.

The company, whose operating arm is International Truck and Engine Corp., said results for the quarter ended Jan. 31 were due March 14. Navistar said the latest delay was “tied directly” to the late filing of the earnings for the fiscal year ended Oct. 31, which it filed in February.