Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Bayerische Motoren Werke Aktiengesellschaft (BMWYY) Investors
LOS ANGELES--(BUSINESS WIRE)--Nov 3, 2020--
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Bayerische Motoren Werke Aktiengesellschaft (“BMW” or the “Company”) (OTC: BMWYY ) securities between November 3, 2015 and September 24, 2020, inclusive (the “Class Period”). BMW investors have until December 28, 2020 to file a lead plaintiff motion.
If you suffered a loss on your BMW investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/bayerische-motoren-werke-aktiengesellschaft/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On December 23, 2019, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (“SEC”) was investigating whether BMW engaged in “sales punching,” a practice in which “a company boosts sales figures by having dealers register cars as sold when the vehicles actually are still standing on car lots.”
On this news, the price of BMW’s American Depositary Receipts (“ADRs”) fell $1.33, or nearly 7%, to close at $18.02 per ADR on December 23, 2019, thereby damaging investors.
On September 24, 2020, the SEC announced an $18 million settlement agreement with BMW regarding the investigation. According to the SEC’s order, from January 2015 to March 2017, the Company had “used its demonstrator and service loaner programs to boost reported retail sales volume and meet internal targets.” It also stated that from 2015 to 2019, BMW kept a reserve of unreported retail vehicle sales, which is used to meet internal monthly sales targets regardless of when the actual sale occurred.
On this news, BMW’s ADR price fell $0.51, or about 2%, to close at $23.07 per ADR on September 25, 2020, thereby damaging investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) BMW kept a “bank” of retail vehicle sales that it used to meet internal monthly sales targets regardless of when the sales actually occurred; (2) BMW artificially manipulated sales figures by having dealers register cars as sold when the cars were still in inventory; (3) as a result, BMW’s key operating metrics were inaccurate and misleading; and (4) as a result, Defendants’ statements about BMW’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired BMW securities during the Class Period, you may move the Court no later than December 28, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20201103005173/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
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PUB: 11/03/2020 11:30 AM/DISC: 11/03/2020 11:31 AM