German luxury car manufacturer BMW will pay a $ 18 million (CZK 418 million) fine in the United States to settle allegations of misleading sales information. The US Securities and Exchange Commission informed about it.
–
The commission claims that between 2015 and 2019, the carmaker overestimated the monthly data on its sales in the USA. At the same time, the company received about $ 18 billion from investors through the sale of bonds.
–
“BMW provided investors with misleading data on its retail sales in the US and consumer demand for BMW cars in the US market, while raising capital in the US,” said Stephanie Avakian, director of one of the Commission’s departments. “Companies that raise capital in the US financial markets have a duty to provide investors with the right information,” she said.
–
According to the commission, BMW has overestimated the data by eliminating the differences between actual sales volumes and its internal targets and has maintained its leading position among luxury car manufacturers in public.
–
The Commission has in the past also accused the Italian-American carmaker Fiat Chrysler Automobiles of overestimating its monthly US sales figures. She paid $ 40 million (CZK 931 million) last year to settle the charges, Reuters reported.
—
