BMW To Pay $18M To End SEC's Inflated Disclosure Claims
Law360 (September 24, 2020, 10:11 PM EDT) -- BMW and two of its subsidiaries will pay $18 million to end allegations from the U.S. Securities and Exchange Commission that the carmaker inflated its reported retail sales in the U.S. through misleading disclosures, the agency announced on Thursday.
Under the deal, BMW AG neither admits nor denies the SEC's findings that it raised about $18 billion from investors in several corporate bond offerings after disclosing inaccurate and misleading information about its retail sales volume, in violation of the Securities Act of 1933.
The deal shows the "significant benefits" that companies receive if they cooperate with the SEC during its investigation,...
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