NEW YORK, Nov. 24, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Bayerische Motoren Werke Aktiengesellschaft ("BMW" or the "Company") (OTC: BMWYY, BAMXF) on behalf of investors who purchased or otherwise acquired the American Depositary Receipts ("ADR's") between November 3, 2015 and September 24, 2020, inclusive (the "Class Period").
All investors who purchased ADR's of BMW and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADR's of BMW, you may, no later than December 28, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADR's of BMW.
On December 23, 2019, The Wall Street Journal reported that the United States 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 ADRs fell $1.33, or nearly 7%, to close at $18.02 per ADR on December 23, 2019.
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.
Subsequently, BMW's ADR price fell $0.51, or about 2%, to close at $23.07 per ADR on September 25, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP