NEW YORK, NY / ACCESSWIRE / November 13, 2018 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Honeywell International Inc. ("Honeywell" or the "Company") (HON) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Honeywell securities between February 9, 2018 through October 19, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/hon.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Honeywell's Bendix asbestos-related liability was greater than initially reported; (2) the Company 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.
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, Honeywell filed a quarterly report with the SEC for the quarter ended September 30, 2018. In its quarterly report, Honeywell advised investors 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."
Following this news, Honeywell's stock price fell $1.72 per share, or 1.11%, to close at $153.47 per share on October 19, 2018. Over the following three trading sessions, Honeywell's stock price fell by an additional $7.87, or 5.3%, to close at $140.72 per share on October 24, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/hon or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Honeywell you have until January 2, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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SOURCE: Bronstein, Gewirtz & Grossman, LLC