NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, continues its investigating potential securities claims on behalf of shareholders of Bayerische Motoren Werke AG (OTC: BMWYY, BAMXF) resulting from allegations that BMW may have issued materially misleading business information to the investing public.
On December 23, 2019, the Wall Street Journal reported that the SEC is investigating BMW’s sales practices, specifically, whether BMW engaged in a practice known as “sales punching.” Sales punching occurs when a company boosts sales figures by having dealers register cars as sold when the vehicles are still on car lots.
As a result of this news, BMWYY share prices fell $0.36, or 1.3% to close at $26.96 on December 23, 2019, while BAMXF share prices fell $1.25, or 1.5%, to close at $80.60 that same day.
Then, on September 24, 2020, BMW agreed to a settlement with the SEC regarding the “sales punching” investigation. The settlement included fines of up to $18 million. On this news, BMWYY share prices fell $0.51, or 2.2%, to close at $23.07 the next day, while BAMXF share prices fell $2.54, or 3.55%, to close at $68.91 the next day.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by BMW investors. If you purchased shares of BMW please visit the firm’s website at http://www.rosenlegal.com/cases-register-1749.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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