Defendant Name:
BorgWarner Inc.
Defendant Type:
Public Company
SIC Code:
3714
CUSIP:
09972410
Document Reference:
34-89677
Document Details
Legal Case Name
In the Matter of BorgWarner Inc.
Document Name
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
Document Date
26-Aug-2020
Document Format
Administrative Proceeding
AAER
4164
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$950,000.00
Shared:
