Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Honeywell International Inc. Investors (HON)
LOS ANGELES--(BUSINESS WIRE)--Nov 12, 2018--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Honeywell International Inc. (“Honeywell” or the “Company”) (NYSE: HON ) securities between February 9, 2018 and October 19, 2018, inclusive (the “Class Period”). Honeywell investors have until January 2, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On August 23, 2018, Honeywell announced that “the Company’s Bendix asbestos-related liability is estimated to be $1,693 million as of June 30, 2018. This is $1,083 million higher than the Company’s prior estimation.” Honeywell further advised investors that “Bendix asbestos-related insurance assets are estimated to be $187 million as of June 30, 2018, which is $65 million higher than the Company’s prior estimate.”
Then, on October 19, 2018, Honeywell filed a quarterly report with the U.S. Securities and Exchange Commission (the “SEC”) for the quarter ended September 30, 2018. In its quarterly report, Honeywell stated that “the SEC’s Division of Corporate Finance had reviewed Honeywell’s prior accounting for liability for unasserted Bendix-related asbestos claims” and that ”[o]n September 13, 2018, following completion of Corporation Finance’s review, the SEC Division of Enforcement advised that it has opened an investigation related to this matter.” On this news, shares of Honeywell stock fell $1.72 per share, or 1.11%, to close at $153.47 on October 19, 2018, thereby injuring investors.
The complaint filed in this class action alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Honeywell’s Bendix asbestos-related liability was greater than initially reported; (2) Honeywell maintained improper accounting practices in connection with its Bendix asbestos-related liability; and (3) as a result, Honeywell’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of Honeywell during the Class Period you may move the Court no later than January 2, 2019 to ask the Court to appoint you as lead plaintiff. 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181112005833/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 11/12/2018 09:08 PM/DISC: 11/12/2018 09:08 PM