09/24/20 12:47 PM EDT
CMI | Flagging 10-Q On DOJ, SEC, Defeat Devices

There is an expanded disclosure in the CMI 10-Q released today. There was only a cursory comment on the DOJ during the earnings call (that call experienced audio difficulty).  To us, this looks like a potentially significant new item, as DOJ was most likely referred to the case by EPA (educated guess).  It would have been helpful if the earnings call had permitted related Q&A. 


We provide the text compare of the disclosure below – the inclusion of ‘defeat devices’ (like VW) isn’t a great sign for a diesel engine maker.  We’ll flag this now and follow-up if we learn more than is *utterly self-evident* below. 


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