GlobeNewswire Inc | Dec 1, 2020 11:00AM EST

December 01, 2020

LOS ANGELES, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP(GPM) reminds investors of the upcomingDecember 28, 2020deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Bayerische Motoren Werke Aktiengesellschaft (BMW or the Company) (OTC: BMWYY) securities between November 3, 2015 and September 24, 2020 inclusive (the Class Period).

If you suffered a loss on your BMW investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/bayerische-motoren-werke-aktiengesellschaft/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On December 23, 2019, The Wall Street Journal reported that the U.S. Securities and Exchange Commission ("SEC") was investigating whether BMW engaged in sales punching, a practice in which a company boosts sales figures by having dealers register cars as sold when the vehicles actually are still standing on car lots.

On this news, the price of BMWs American Depositary Receipts (ADRs) fell $1.33, or nearly 7%, to close at $18.02 per ADR on December 23, 2019, thereby damaging investors.

On September 24, 2020, the SEC announced an $18 million settlement agreement with BMW regarding the investigation. According to the SECs order, from January 2015 to March 2017, the Company had used its demonstrator and service loaner programs to boost reported retail sales volume and meet internal targets. It also stated that from 2015 to 2019, BMW kept a reserve of unreported retail vehicle sales, which is used to meet internal monthly sales targets regardless of when the actual sale occurred.

On this news, BMWs ADR price fell $0.51, or about 2%, to close at $23.07 per ADR on September 25, 2020, thereby damaging investors further.

The complaint filed 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 that: (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 misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired BMW securities during the Class Period, you may move the Court no later than December 28, 2020to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish tolearn moreabout this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, 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 shareholders@glancylaw.com, 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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts Glancy Prongay & Murray LLP, Los Angeles Charles Linehan, 310-201-9150 or 888-773-9224 shareholders@glancylaw.comwww.glancylaw.com