|Company name||Honeywell International Inc.|
|Class period||February 9, 2018 – October 19, 2018|
|Lead plaintiff deadline||December 31, 2018|
|Court||District of New Jersey|
NEW YORK, October 31, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Honeywell International Inc. (NASAQ: HON) securities between February 9, 2018 and October 19, 2018 (the “Class Period”). Investors have until December 31, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that 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.”
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 over 1%, 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 5.3%, closing at $140.72 per share on October 24, 2018.
If you purchased Honeywell securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.