LOS ANGELES, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Glancy 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 to participate.

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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

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 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/New York
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

 

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.