BorgWarner Inc. (NYSE: BWA)
Hagens Berman Sobol Shapiro LLP alerts investors in BorgWarner Inc. (NYSE: BWA) to the firm's investigation into possible disclosure violations.
If you purchased or otherwise acquired securities of BWA before June 18, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing BWA@hbsslaw.com.
On June 15, 2018, MarketWatch reported BorgWarner disclosed it should restate its 2015 to 2016 statements included in the 2017 annual report because of its re-evaluation of accounting liabilities related to estimated value of incurred but not reported asbestos-related claims (“IBNR claims”). The Company said it will also make revisions to 2013 and 2014 financial data, and the quarterly information for 2016, to reflect these changes.
In a filing with the SEC, BorgWarner informed investors they should no longer rely on its consolidated financial statements for the fiscal years ended December 31, 2016 and 2015 included in its annual report for the fiscal year ended December 31, 2017.
This news drove the price of BorgWarner shares down during the next few trading days.
“We’re focused on investors’ losses, BorgWarner’s admitted improper accounting, and the extent to which investors were misled by them,” said Hagens Berman partner Reed Kathrein.
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