NEW YORK, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Ford Motor Company (NYSE: F) and certain of the Company’s senior executives.
If you invested in Ford, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/ford-motor-company.
Investors have until October 7, 2024 to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Ford securities. The case is pending in the U.S. District Court for the Eastern District of Michigan and is captioned Guzman v. Ford Motor Company, et al., No. 24-cv-12080.
What is the Lawsuit About?
Ford is an automotive manufacturing company that develops, delivers, and services a range trucks, cars, and luxury vehicles worldwide. The complaint alleges that during the relevant period, the company misrepresented its warranty reserves and that it had completed a sequence of organizational changes designed to ensure higher quality and lower costs. In truth, Ford was experiencing higher warranty costs, and the warranty reserves did not accurately reflect the quality issues in its vehicles.
On July 24, 2024, after the market closed, Ford announced second quarter 2024 financial results (the “2Q24 Press Release”). The 2Q24 Press Release revealed that the Company’s “[p]rofitability was affected by an increase in warranty reserves” and “higher warranty costs.” It was reported that, in the second quarter, Ford’s warranty and recall costs totaled $2.3 billion, $800 million more than the first quarter and $700 million more than a year ago. This news caused the price of Ford’s stock to decline by $2.51 per share, or over 18%, to close at $11.16 per share on July 25, 2024.
Click here if you suffered losses: https://www.bfalaw.com/cases-investigations/ford-motor-company.
What Can You Do?
If you invested in Ford, you have rights and are encouraged to submit your information to speak with an attorney.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses. Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/ford-motor-company
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/ford-motor-company
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