MUNICH (dpa-AFX) - The SEC announced settled charges against BMW AG (BMW.L, BAMXF.PK, BAMXY.PK) and two of its U.S. subsidiaries for disclosing inaccurate information about the company's retail sales volume in the U.S. while raising approximately $18 billion from investors in several corporate bond offerings. The three companies agreed to pay a joint penalty of $18 million.
SEC found that, from 2015 to 2019, BMW inflated its reported retail sales in the U.S., which helped the company close the gap between its actual retail sales volume and internal targets and publicly maintain a leading retail sales position relative to other premium automotive companies.
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