PR Newswire
NEW YORK, Nov. 11, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Bayerische Motoren Werke Aktiengesellschaft (“BMW” or the “Company”) (OTCMKTS: BMWYY; BAMXF). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether BMW and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 23, 2019, the Wall Street Journal reported that the U.S. Securities and Exchange Commission (“SEC”) was probing BMW’s sales practices, specifically stating that “[t]he regulator is looking into whether the Munich-based automaker engaged in a practice known as sales punching”—i.e., “boosting sales figures by having dealers register as sold when the vehicles actually are still standing on car lots.” Then, on September 24, 2020, the SEC announced a settlement agreement with BMW regarding the investigation. According to the SEC’s order, from January 2015 to March 2017, BMW US “used its demonstrator and service loaner programs to boost reported retail sales volume and meet internal targets, resulting in demonstrator and loaner vehicles accounting for over one-quarter of BMW [US]’s reported retail sales in this period.” Additionally, the SEC order found that between 2015 and 2019, BMW US maintained a reserve of unreported retail vehicles sales—referred to internally as the “bank”—that it used to meet internal monthly sales targets regardless of when the actual sale occurred. The SEC order also found that BMW improperly designated vehicles as demonstrators or loaners so they would be counted as sold when in actuality they were not. Without admitting to or denying the SEC order’s findings, BMW agreed to a settlement to pay $18 million and cease and desist from future violations. Following each of the foregoing disclosures, the prices of BMW’s American Depositary Receipts fell sharply, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
