Law Offices of Howard G. Smith announces that a class action lawsuit has been 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 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 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 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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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) Honeywell’s 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, Honeywell’s public statements were materially false and misleading at all relevant times.
If you purchased shares of 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 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 www.howardsmithlaw.com.
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