Monday, April 22, 2024
HomeTurbinebdBMW fined $18million for false sales reports

BMW fined $18million for false sales reports

The Security and Exchange Commission as such entered into a settlement with the automaker, with an $18 million fine for inflating sales numbers in the U.S. from 2015 to 2019.“Companies accessing U.S. markets to raise capital have an obligation to provide accurate information to investors,” said Stephanie Avakian, Director of the Division of Enforcement. “Through its repeated disclosure failures, BMW misled investors about its U.S. retail sales performance and customer demand for BMW vehicles in the U.S. market while raising capital in the U.S.”

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