Scott + Scott Rechtsanwälte LLP (“Scott + Scott”), an international shareholder and consumer litigation firm, has announced 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 some of its officers and directors alleging violations of federal securities laws. If you purchased BMW securities through the above ticker between November 3, 2015 and September 24, 2020 (the “Class Period”) and suffered losses, please contact Rhiana Swartz for more information at (844) 818- 6980 or [email protected]
BMW is a German automobile and motorcycle company. The company’s American Depositary Receipts (“ADRs”) are traded on the OTC market under the ticker symbols “BMWYY” and “BAMXF”.
The lawsuit alleges that throughout the class period, the defendants made false and / or misleading statements and / or failed to disclose that: (1) BMW operated a “bank” of retail sales that was used to meet internal monthly sales targets regardless of when the sales actually took place; (2) BMW has artificially manipulated the sales figures by having dealers register cars as sold when the cars were still in stock. (3) As a result, the key operating data from BMW was inaccurate and misleading. and (4) as a result, Defendants’ statements about the business, operations and prospects of BMW were materially false and / or misleading and / or were unfounded at all relevant times.
On December 23, 2019, the Wall Street Journal reported that the US Securities and Exchange Commission (SEC) was investigating BMW’s sales practices.
In that news, BMWYY’s ADRs fell $ 1.33 per ADR, or nearly 7%, to close at $ 18.02 per ADR on December 23, 2019. On the same day, BAMXF’s ADRs fell $ 1.25, or 1.5%, to close at $ 80.60.
On September 24, 2020, the SEC announced a settlement agreement with BMW over the investigation citing BMW’s manipulation of sales volume and misclassification of vehicles.
In that news, BMWYY’s ADRs fell $ 0.51 per ADR, or roughly 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 any questions about this notice or your statutory rights, please contact Rhiana Swartz at (844) 818-6980 or rswartz @ scott-scott .com. The lead plaintiff’s deadline is December 28, 2020.
About Scott + Scott Lawyers LLP
Scott + Scott has extensive law enforcement experience in key securities, antitrust, and retirement plan matters in the United States. The company represents pension funds, foundations, individuals and other companies worldwide with offices in New York, London, Connecticut, California and Ohio.
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