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The German company’s BMW of North America had provided inaccurate and misleading information, earning $ 18 billion in the company’s bond offerings, the SEC said.
From 2015 to 2019, BMW relied on an unannounced car sales reserve, which it used to meet its targets, regardless of real-time sales.
BMW also inaccurately labeled some cars as sold, even though they were not, and adjusted its sales calendar in 2015 and 2017 to meet targets or save on future sales surpluses.
“Companies that access U.S. markets to raise capital have a duty to provide accurate information to investors,” said Stefan Avakyan, director of SEC’s coercive measures.
“BMW, without repeatedly giving [reālos datus], misled investors about the success of their retail sales and consumer demand for BMW cars in the US market, while raising capital in the US. “
BMW said it was “pleased” to resolve the issue and noted that the SEC had welcomed the carmaker’s cooperation with the investigation.
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