LOS ANGELES–(BUSINESS WIRE)–$HON #CLASSACTION—Glancy
Prongay & Murray LLP (“GPM”) announces an investigation on
behalf of Honeywell International Inc. (“Honeywell” or the “Company”)
investors concerning the Company and its officers’ possible violations
of federal securities laws.
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The investigation concerns whether Honeywell made false and misleading
statements about its accounting for Bendix asbestos-related liabilities.
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
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.
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If you purchased Honeywell, have information or would like to learn more
about these claims, or 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 firstname.lastname@example.org,
or visit our website at www.glancylaw.com.
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number and number of shares purchased.
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