NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Bayerische Motoren Werke AG (“BMW” or the “Company”) (Other OTC: BMWYY, BAMXF), its U.S. holding company, and certain of its officers and directors, alleging violations of federal securities laws. If you purchased BMW securities via the ticker above, between November 3, 2015 and September 24, 2020 (the “Class Period”), and have suffered losses, you are encouraged to contact Rhiana Swartz for additional information at (844) 818-6980 or rswartz@scott-scott.com.
BMW is a German automobile and motorcycle company. The Company’s American Depositary Receipts (“ADRs”) trade on the OTC market under the ticker symbols “BMWYY” and “BAMXF.”
The 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; (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 U.S. Securities and Exchange Commission (“SEC”) was probing BMW’s sales practices.
On this news, BMWYY ADRs fell $1.33 per ADR, or nearly 7%, to close at $18.02 per ADR on December 23, 2019. The 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, citing BMW’s sales-volume manipulation and misclassification of vehicles.
On this news, BMWYY ADRs fell $0.51 per ADR, or approximately 2%, to close at $23.07 per ADR on September 25, 2020; and BAMXF ADRs fell $2.54, or approximately 3.5%, to close at $68.91.
What You Can Do
If you purchased BMW securities between November 3, 2015 and September 24, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz at (844) 818-6980 or rswartz@scott-scott.com. The lead plaintiff deadline is December 28, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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