BorgWarner Inc., a US-based motor vehicle parts manufacturer has been charged by the SEC for allegedly violating the reporting, books and records, and internal accounting controls provisions of the federal securities laws. Between 2012 and 2016, BorgWarner allegedly materially misstated its financial statements by failing to report over $700 million in liabilities associated with future asbestos claims. In early 2017, BorgWarner reported a charge for the claims and in 2018 the company restated its financial statements for the appropriate periods dating back to 2012. BorgWarner has agreed to settle the charges with the SEC without admitting or denying the findings in the SEC's order and has agreed to pay a penalty of $950,000 and to cease and desist from future violations.
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RegisterUS-Based Manufacturer Charged For Misstating Its Financial Statements And Failing To Account For Asbestos Liabilities
USA
September 8 2020
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