NEW YORK, June 15, 2018 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of BorgWarner Inc. ("BorgWarner" or the "Company") (NYSE: BWA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether BorgWarner and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 15, 2018, pre-market, BorgWarner announced that the Audit Committee of its Board of Directors "concluded on June 12, 2018 . . . that the Company's consolidated financial statements for the fiscal years ended December 31, 2016 and 2015 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 should be restated, and that such consolidated financial statements should no longer be relied upon, due to the Company's re-evaluation of its accounting for liabilities relating to the estimated value of incurred but not reported asbestos-related claims . . . and their associated defense costs." BorgWarner further advised investors that it "will also make appropriate revisions to the selected financial data for 2014 and 2013 and the quarterly information for 2016 to reflect these changes." On this news, BorgWarner's share price fell sharply during intraday trading on June 15, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP