BMW on SEC’s radar
The regulator neither confirms nor denies an investigation
Stocks impacted: Bayerische Motoren Werke AG (BMW)
German automaker is being investigated by the U.S. Securities and Exchange Commission. The inquiry is focusing on the company’s sales practices. In particular, BMW could have used a so-called car punching, in which some loaner vehicles delivered to dealerships are reported as purchases to improve sales figures. A BMW spokesman confirmed that the company had been contacted by the SEC and was cooperating with the investigation while the regulator declined to comment and could neither confirm nor deny an investigation. As a reminder, earlier this year, the American regulators settled an investigation with Fiat Chrysler over charges it inflated U.S. sales to keep a monthly streak going. BMW stocks declined 0.82% overnight and could nurse further losses in a shortened pre-Christmas session on Tuesday.
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