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Honeywell International Inc. (NYSE: HON) Investor Securities Class Action Lawsuit 10/31/2018

  • If you purchased shares of Honeywell International Inc. (NYSE: HON), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Honeywell International Inc.
Security
NYSE: HON

Case Name
Honeywell Shareholder Class Action Lawsuit 10/31/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

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Summary

May 18, 2020 - The court denied the defendants' motion to dismiss.

February 7, 2020 - A motion to dismiss the third amended complaint was filed.

December 30, 2019 - A third amended complaint was filed.

August 19, 2019 - A second amended complaint was filed.

April 10, 2019 - An amended complaint was filed.

October 31, 2018 - An investor in shares of Honeywell International Inc. (NYSE: HON) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Honeywell International Inc. in connection with certain allegedly false and misleading statements made between February 9, 2018 and October 19, 2018.

Morris Plains, NJ based Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide. Honeywell International Inc. reported that its annual Total Revenue rose from $39.3 million in 2016 to $40.53 million in 2017 and that its Net Income declined from over $4.8 billion in 2016 to over $1.65 billion in 2017.

On August 23, 2018, Honeywell International Inc disclosed that the Company's Bendix asbestos-related liability is estimated to be $1,693 million as of June 30, 2018. This is $1,083 million higher than the Company's prior estimation.

Honeywell International Inc further advised investors that Bendix asbestos-related insurance assets are estimated to be $187 million as of June 30, 2018, which is $65 million higher than the Company's prior estimate.

Then, on October 19, 2018, Honeywell International Inc filed a quarterly report with the U.S. Securities and Exchange Commission (the SEC ) for the quarter ended September 30, 2018. In its quarterly report, Honeywell advised investors that the SEC's Division of Corporate Finance had reviewed Honeywell's prior accounting for liability for unasserted Bendix-related asbestos claims and that [o]n September 13, 2018, following completion of Corporation Finance's review, the SEC Division of Enforcement advised that it has opened an investigation related to this matter.

Sahres of Honeywell International Inc (NYSE: HON) declined from as high as $167.72 per share on October 1, 2018 to as low as $145.34 per share on October 24, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Honeywell International Inc. (NYSE: HON) common shares between February 9, 2018 and October 19, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 9, 2018 and October 19, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that Honeywell’s Bendix asbestos-related liability was greater than initially reported, that the Company maintained improper accounting practices in connection with its Bendix asbestos-related liability, and that as a result, Honeywell’s public statements were materially false and misleading at all relevant times.