NEW YORK, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Bayerische Motoren Werke Aktiengesellschaft (“BMW” or the “Company”) (OTC PINK: BMWYY, BAMXF) between November 3, 2015 and September 24, 2020, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the District of New Jersey alleges violations of the Securities Exchange Act of 1934.
If you purchasedBMWsecurities, and/or would like to discuss your legal rights and options please visit BMW Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint 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:(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/or misleading and/or lacked a reasonable basis at all relevant times.
On December 23, 2019, the Wall Street Journal reported that the SEC was probing BMW’s sales practices. On this news, BMWYY ADRs fell $1.33 per ADR, or nearly 6.87%, to close at $18.02 per ADR on December 23, 2019, damaging investors. That same day, BAMXF ADRs fell $1.25, or 1.5% to close at $80.60.
Then, on September 24, 2020, the SEC announced a settlement agreement with BMW regarding the investigation. On this news, BMWYY ADRs fell $0.51 per ADR, or approximately 2.2% to close at $23.07 per ADR on September 25, 2020. The same day, BAMXF ADRs fell $2.54, or about 3.5% to close at $68.91.
If you wish to serve as lead plaintiff, you must move the Court no later than December 28, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased BMWsecurities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/bayerischemotorenwerkeag-bmwyy-shareholder-class-action-lawsuit-stock-fraud-329/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
