BMW Contacted by SEC Over US Sales Reporting Practices
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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.
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