GlobeNewswire Inc | Nov 2, 2020 07:03PM EST

November 03, 2020

NEW YORK, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Bayerische Motoren Werke Aktiengesellschaft (BMW or the Company) (OTC PINK: BMWYY, BAMXF) between November 3, 2015 and September 24, 2020, 2020 (the Class Period). The lawsuit filed in the United States District Court for the District of New Jersey alleges violations of the Securities Exchange Act of 1934.

If you purchasedBMWsecurities, and/or would like to discuss your legal rights and options please visit BMW Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors:(1) BMW kept a bank of retail vehicle sales that it used to meet internal monthly sales targets regardless of when the sales actually occurred; (2) BMW artificially manipulated sales figures by having dealers register cars as sold when the cars were still in inventory; (3) as a result, BMWs key operating metrics were inaccurate and misleading; and (4) as a result, defendants statements about BMWs business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

On December 23, 2019, the Wall Street Journal reported that the SEC was probing BMWs sales practices. On this news, BMWYY ADRs fell $1.33 per ADR, or nearly 6.87%, to close at $18.02 per ADR on December 23, 2019, damaging investors. That same day, BAMXF ADRs fell $1.25, or 1.5% to close at $80.60.

Then, on September 24, 2020, the SEC announced a settlement agreement with BMW regarding the investigation. On this news, BMWYY ADRs fell $0.51 per ADR, or approximately 2.2% to close at $23.07 per ADR on September 25, 2020. The same day, BAMXF ADRs fell $2.54, or about 3.5% to close at $68.91.

If you wish to serve as lead plaintiff, you must move the Court no later than December 28, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesnt require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased BMWsecurities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/bayerischemotorenwerkeag-bmwyy-shareholder-class-action-lawsuit-stock-fraud-329/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named toThe National Law JournalsPlaintiffs Hot List thirteen times and listed inThe Legal 500for ten consecutive years.

ATTORNEY ADVERTISING. 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact InformationMatthew E. GuarneroBernstein Liebhard LLP https://www.bernlieb.com(877) 779-1414MGuarnero@bernlieb.com