Defendant Name: BorgWarner Inc.

Defendant Type: Public Company

Document Reference: 2020-195

Document Details

Legal Case Name In the Matter of BorgWarner Inc.
Document Name SEC Charges BorgWarner for Materially Misstating its Financial Statements
Document Date 26-Aug-2020
Document Format Administrative Proceeding
File Number 3-19932
Allegation Type Issuer Reporting and Disclosure
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Civil Penalty

Individual:     $950,000.00 Shared:    

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."