The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Honeywell International Inc. (NYSE: HON) who purchased shares between February 9, 2018 and October 19, 2018. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the Honeywell lawsuit alleges that (1) Honeywell’s Bendix Friction Materials ("Bendix") asbestos-related liability was greater than initially reported; (2) the Company maintained improper accounting practices in connection with its Bendix asbestos-related liability; and (3) as a result, Honeywell’s public statements were materially false and misleading at all relevant times. Honeywell previously owned Bendix, which used asbestos in its brake- and clutch-pad products until 2001; the Company sold Bendix in 2014. On August 23, 2018, Honeywell announced it had "revised its method for reasonably estimating its liability for unasserted Bendix asbestos-related claims by considering the epidemiological projections through 2059 of future incidence of Bendix asbestos-related disease. Using this method, 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 which applied a five-year horizon when estimating the liability for unasserted Bendix asbestos-related claims. The 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."
Shareholders have until December 31, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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