Prongay & Murray LLP (“GPM”) announces that it has commenced an
investigation on behalf of BorgWarner Inc. (“BorgWarner” or the
“Company”) (NYSE: BWA)
investors concerning the Company and its officers’ possible violations
of federal securities laws in connection with allegedly misleading
investors regarding its exposure to asbestos related claims.
If you are a shareholder who suffered a loss, click here
On June 15, 2018, BorgWarner stated 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 informed 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,
shares of BorgWarner fell significantly during intraday trading on June
15, 2018, thereby injuring investors.
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If you purchased BorgWarner securities, have information or would like
to learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East,
Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to firstname.lastname@example.org,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
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