Defendant Name: BorgWarner Inc.

Defendant Type: Public Company
SIC Code: 3714
CUSIP: 09972410

Initial Case Details

Legal Case Name In the Matter of BorgWarner Inc.
First Document Date 26-Aug-2020
Initial Filing Format Administrative Action
File Number 3-19932
Allegation Type Issuer Reporting and Disclosure
AAER 4164

Violations Alleged

Exchange Act
Sec 13(a)
Rule 13a-1
Rule 13a-11
Rule 13a-13
Sec 13(b)(2)(A)
Sec 13(b)(2)(B)


First Resolution Date 26-Aug-2020
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

34-89677 26-Aug-2020 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On August 26, 2020, the SEC instituted settled cease-and-desist proceedings against BorgWarner Inc. The SEC stated: "From 2012 until the fourth quarter of 2016, BorgWarner failed to estimate its "incurred but not reported" or "IBNR" liability for future asbestos claims. As a result, BorgWarner's financial statements were materially misstated."
2020-195 26-Aug-2020 Press Release--Administrative Proceeding
SEC Charges BorgWarner for Materially Misstating its Financial Statements
The SEC stated that" "[It] settled charges against BorgWarner Inc., a motor vehicle parts manufacturer headquartered in Auburn Hills, Michigan, for materially misstating its financial statements by failing to account for certain asbestos liabilities."