NEW YORK--(BUSINESS WIRE)--
Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against Honeywell International Inc. (“Honeywell” or the “Company”) (HON) and other defendants, related to alleged violations of federal securities laws. If you purchased Honeywell securities between February 9, 2018 and October 19, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information. The lead plaintiff deadline is January 2, 2019.
Honeywell is a multinational conglomerate that makes a variety of commercial and consumer products, engineering services, and aerospace systems. Until 2014, Honeywell owned Bendix Friction Materials (“Bendix”), a manufacturer of automotive, truck and industrial brakes. Despite known health hazards, Bendix used asbestos in its brake- and clutch-pad products until 2001.
According to the lawsuit, defendants made materially false and misleading statements regarding Honeywell’s business, operational and compliance policies. Specifically: (i) Honeywell’s Bendix asbestos-related liability was greater than initially reported; (ii) the Company maintained improper accounting practices in connection with its Bendix asbestos-related liability; and (iii) as a result, Honeywell’s public statements were materially false and misleading at all relevant times.
On August 23, 2018, Honeywell disclosed 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, pre-market, Honeywell filed a quarterly report with the SEC for the quarter ended September 30, 2018. In its quarterly report, Honeywell disclosed 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, Honeywell’s stock price fell $1.72 per share from its previous close, or 1.1%, to close at $153.47 per share on October 19, 2018. Over the following three trading days, Honeywell’s stock price fell an additional $8.13, or nearly 5.3%, to close at $145.34 per share on October 24, 2018.
What You Can Do
If you purchased Honeywell securities between February 9, 2018 and October 19, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.