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BMW Contacted by SEC Over US Sales Reporting Practices
BMW AG is being scrutinized by the U.S. Securities and Exchange Commission over its sales reporting practices, months after the regulator extracted a penalty from Fiat Chrysler Automobiles NV over similar issues.
The German automaker has been contacted by the SEC and will cooperate fully with its investigation, Phil DiIanni, a spokesman, said by phone. The agency doesn’t comment on the existence of any probes, SEC spokesman Kevin Callahan said.
BMW’s American depositary receipts fell as much as 1.6% to $26.89 in New York trading. The Wall Street Journal reported on the SEC’s investigation of BMW earlier Dec. 23.
Fiat Chrysler agreed in September to pay a $40 million penalty related to years of sales reports the SEC said were fraudulent. The Italian-American automaker misled investors by wrongly claiming a yearslong streak of monthly gains and inflated results by paying dealers to report fake sales, according to the agency.
