Posternak Blankstein & Lund LLP is now Arent Fox. Read the press release

BMW To Pay $18M To End SEC's Inflated Disclosure Claims

BMW and two of its subsidiaries will pay $18 million to end allegations from the U.S. Securities and Exchange Commission that the carmaker inflated its reported retail sales in the U.S. through misleading disclosures, the agency announced.

Under the deal, BMW AG neither admits nor denies the SEC's findings that it raised about $18 billion from investors in several corporate bond offerings after disclosing inaccurate and misleading information about its retail sales volume, in violation of the Securities Act of 1933. Read the order here.

The deal shows the "significant benefits" that companies receive if they cooperate with the SEC during its investigation, associate director in the agency's Division of Enforcement Anita B. Bandy said in a release.

Read the Law360 article

Contacts

  • Read Time
    1
    Minute

Continue Reading