⁍ BMW and two U.S. subsidiaries agreed to pay a joint penalty of $18 million.
⁍ Without admitting or denying SEC’s findings, BMW and the two subsidiaries agreed to cease and desist from future violations.
– BMW will pay $18 million to settle a case brought by the Securities and Exchange Commission alleging that the German automaker misled investors about its US sales figures, Reuters reports. According to the SEC, BMW and two of its US subsidiaries, BMW of North America and BMW of South America, disclosed inaccurate and misleading information about BMW’s retail sales volume in the US while raising approximately $18 billion from investors in corporate bond offerings. The SEC said that without admitting or denying the findings, BMW and the two subsidiaries agreed to pay a joint penalty of $18 million and to cease and desist from future violations of these provisions.
Source: https://www.reuters.com/article/bmw-usa-sec/bmw-settles-charges-of-providing-misleading-sales-information-to-bond-investors-us-sec-idUSL2N2GL2A1