NEW YORK, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Honeywell International, Inc. (“Honeywell” or the “Company”) (NYSE: HON) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and indexed under 18-cv-15536, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired Honeywell securities between February 9, 2018 through October 19, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Honeywell securities between February 9, 2018, and October 19, 2018, both dates inclusive, you have until January 2, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Honeywell is a multinational conglomerate that makes a variety of commercial and consumer products, engineering services, and aerospace systems. Honeywell previously 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. Honeywell sold Bendix in 2014.
Throughout the Class Period, Defendants made materially false and misleading statements regarding Honeywell’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (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, 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.”
On 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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980