SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the District of New Jersey on behalf of purchasers of Bayerische Motoren Werke Aktiengesellschaft (“BMW”) (OTC:BMWYY; BAMXF) securities between November 3, 2015 and September 24, 2020, inclusive (the “Class Period”). The case is captioned Spanier v. Bayerische Motoren Werke Aktiengesellschaft, No. 20-cv-15081, and is assigned to Judge Claire C. Cecchi. The BMW class action lawsuit charges BMW, BMW (US) Holding Corp. (“BMW US”) and certain of their officers with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired BMW securities during the Class Period to seek appointment as lead plaintiff in the BMW class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the BMW class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the BMW class action lawsuit. An investor’s ability to share in any potential future recovery of the BMW class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the BMW class action lawsuit or have questions concerning your rights regarding the BMW class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the BMW class action lawsuit must be filed with the court no later than December 28, 2020.
BMW, together with its subsidiaries, develops, manufactures, and sells automobiles and motorcycles and spare parts and accessories worldwide.
The BMW class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose 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; and (3) BMW’s key operating metrics were inaccurate and misleading due to the forgoing facts. When the true details entered the market, the lawsuit claims that investors suffered damages.
On December 23, 2019, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (“SEC”) was probing BMW’s sales practices, and stated, among other things, that: “The [SEC] is looking into whether the Munich-based auto maker engaged in a practice known as sales punching in the U.S., the people said. Sale punching occurs when 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 declined, damaging investors.
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.” On this news, the price of BMW’s American Depositary Receipts declined, further damaging investors.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.