Law Offices of Howard G. Smith reminds investors of the January 2, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Honeywell International Inc. (Honeywell or the Company) (NYSE: HON) securities between February 9, 2018 and October 19, 2018, inclusive (the Class Period). Honeywell investors have until January 2, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Honeywell investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On August 23, 2018, Honeywell announced that the Companys Bendix asbestos-related liability is estimated to be $1,693 million as of June 30, 2018. This is $1,083 million higher than the Companys 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 Companys prior estimate.
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 SECs Division of Corporate Finance had reviewed Honeywells prior accounting for liability for unasserted Bendix-related asbestos claims and that [o]n September 13, 2018, following completion of Corporation Finances 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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The complaint filed in this class action alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Honeywells Bendix asbestos-related liability was greater than initially reported; (2) Honeywell maintained improper accounting practices in connection with its Bendix asbestos-related liability; and (3) as a result, Honeywells public statements were materially false and misleading at all relevant times.
If you purchased shares of Honeywell during the Class Period you may move the Court no later than January 2, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
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