{"id":385370,"date":"2020-11-19T11:33:15","date_gmt":"2020-11-19T16:33:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=385370"},"modified":"2020-11-19T11:33:15","modified_gmt":"2020-11-19T16:33:15","slug":"the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2\/","title":{"rendered":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Bayerische Motoren Werke Aktiengesellschaft (BMWYY) Investors"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Shareholders with $100,000 losses or more are encouraged to contact the firm<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">LOS ANGELES<\/span>, <span class=\"xn-chron\">Nov. 19, 2020<\/span> \/PRNewswire\/ &#8212; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2982585-1&amp;h=3551983516&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=The+Law+Offices+of+Frank+R.+Cruz\" rel=\"nofollow noopener noreferrer\">The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span><\/a> announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Bayerische Motoren Werke Aktiengesellschaft (&#8220;BMW&#8221; or the &#8220;Company&#8221;) (OTC: <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2982585-1&amp;h=4001396470&amp;u=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FBMWYY&amp;a=BMWYY\" rel=\"nofollow noopener noreferrer\">BMWYY<\/a><\/u>) securities between <b><span class=\"xn-chron\">November 3, 2015<\/span> and <span class=\"xn-chron\">September 24, 2020<\/span><\/b>, inclusive (the &#8220;Class Period&#8221;). BMW investors have until <b><span class=\"xn-chron\">December 28, 2020<\/span><\/b> to file a lead plaintiff motion.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.jpg\" title=\"(PRNewsfoto\/The Law Offices of Frank R. Cru)\" alt=\"(PRNewsfoto\/The Law Offices of Frank R. Cru)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>If you are a shareholder who suffered a loss, click <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2982585-1&amp;h=3929254006&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Fbayerische-motoren-werke-aktiengesellschaft%2F&amp;a=here\" rel=\"nofollow noopener noreferrer\">here<\/a> to participate.<\/p>\n<p>On <span class=\"xn-chron\">December 23, 2019<\/span>, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) was investigating whether BMW engaged in &#8220;sales punching,&#8221; a practice in which &#8220;a company boosts sales figures by having dealers register cars as sold when the vehicles actually are still standing on car lots.&#8221;<\/p>\n<p>On this news, the price of BMW&#8217;s American Depositary Receipts (&#8220;ADRs&#8221;) fell <span class=\"xn-money\">$1.33<\/span>, or nearly 7%, to close at <span class=\"xn-money\">$18.02<\/span> per ADR on <span class=\"xn-chron\">December 23, 2019<\/span>, thereby damaging investors. <\/p>\n<p>On <span class=\"xn-chron\">September 24, 2020<\/span>, the SEC announced an <span class=\"xn-money\">$18 million<\/span> settlement agreement with BMW regarding the investigation. According to the SEC&#8217;s order, from <span class=\"xn-chron\">January 2015<\/span> to <span class=\"xn-chron\">March 2017<\/span>, the Company had &#8220;used its demonstrator and service loaner programs to boost reported retail sales volume and meet internal targets.&#8221; 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.<\/p>\n<p>On this news, BMW&#8217;s ADR price fell <span class=\"xn-money\">$0.51<\/span>, or about 2%, to close at <span class=\"xn-money\">$23.07<\/span> per ADR on <span class=\"xn-chron\">September 25, 2020<\/span>, thereby damaging investors further.<\/p>\n<p>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 Company&#8217;s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) BMW kept a &#8220;bank&#8221; 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, BMW&#8217;s key operating metrics were inaccurate and misleading; and (4) as a result, Defendants&#8217; statements about BMW&#8217;s business, operations, and prospects were materially false and misleading and\/or lacked a reasonable basis at all relevant times.<\/p>\n<p>Follow us for updates on Twitter: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2982585-1&amp;h=773267516&amp;u=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;a=twitter.com%2FFRC_LAW\" rel=\"nofollow noopener noreferrer\">twitter.com\/FRC_LAW<\/a>.<\/p>\n<p>If you purchased BMW securities during the Class Period, you may move the Court no later than <b><span class=\"xn-chron\">December 28, 2020<\/span><\/b>to ask the Court to appoint you as lead plaintiff.\u00a0 To be a member of the Class 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.\u00a0 If you purchased BMW 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 <span class=\"xn-person\">Frank R. Cruz<\/span>, of The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span>, 1999 Avenue of the Stars, Suite 1100, <span class=\"xn-location\">Los Angeles, California<\/span> 90067 at 310-914-5007, by email to <a target=\"_blank\" href=\"mailto:info@frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">info@frankcruzlaw.com<\/a>, or visit our website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2982585-1&amp;h=343611934&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=www.frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">www.frankcruzlaw.com<\/a>. \u00a0If you inquire by email please include your mailing address, telephone number, and number of shares purchased.<\/p>\n<p>This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2982585-1&amp;h=662687529&amp;u=http%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=www.frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">www.frankcruzlaw.com<\/a>\n      <\/p>\n<p>\n        <br \/>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA92562&amp;sd=2020-11-19\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-301176761.html\">http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-301176761.html<\/a><\/p>\n<p>SOURCE  The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span>, <span class=\"xn-location\">Los Angeles<\/span><\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA92562&amp;Transmission_Id=202011191130PR_NEWS_USPR_____LA92562&amp;DateId=20201119\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shareholders with $100,000 losses or more are encouraged to contact the firm PR Newswire LOS ANGELES, Nov. 19, 2020 \/PRNewswire\/ &#8212; The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Bayerische Motoren Werke Aktiengesellschaft (&#8220;BMW&#8221; or the &#8220;Company&#8221;) (OTC: BMWYY) securities between November 3, 2015 and September 24, 2020, inclusive (the &#8220;Class Period&#8221;). BMW investors have until December 28, 2020 to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On December 23, 2019, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) was investigating whether BMW engaged in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Bayerische Motoren Werke Aktiengesellschaft (BMWYY) Investors&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-385370","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Bayerische Motoren Werke Aktiengesellschaft (BMWYY) Investors - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Law Offices of Frank R. 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On December 23, 2019, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) was investigating whether BMW engaged in &hellip; Continue reading &quot;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Bayerische Motoren Werke Aktiengesellschaft (BMWYY) Investors&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-19T16:33:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"The Law Offices of Frank R. 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Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Bayerische Motoren Werke Aktiengesellschaft (&#8220;BMW&#8221; or the &#8220;Company&#8221;) (OTC: BMWYY) securities between November 3, 2015 and September 24, 2020, inclusive (the &#8220;Class Period&#8221;). BMW investors have until December 28, 2020 to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. On December 23, 2019, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) was investigating whether BMW engaged in &hellip; Continue reading \"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Bayerische Motoren Werke Aktiengesellschaft (BMWYY) Investors\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-19T16:33:15+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-investors-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"The Law Offices of Frank R. 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