Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Ford Motor Company. ("Ford" or the "Company") (NYSE: F) investors of a class action representing investors that bought securities between October 28, 2021 and July 24, 2024, inclusive (the "Class Period"). Ford investors have until October 7, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On July 24, 2024, after the market closed, Ford reported its second-quarter financial results for 2024, indicating that the Company’s “[p]rofitability was affected by an increase in warranty reserves” and “higher warranty costs.” Consequently, Ford revised its full-year earnings outlook for its electric vehicle segment to account for “higher warranty costs than originally planned.” Reports from analysts and major news outlets, including The Associated Press and The Washington Post, noted that warranty and recall expenses reached $2.3 billion in the second quarter—$800 million more than in the first quarter and $700 million higher than the same period last year.
As a result of this news, Ford’s stock price dropped by $2.51, or 18.36%, closing at $11.16 per share on July 25, 2024, with unusually high trading volume.
The class action complaint alleges that, during the Class Period, the Defendants made materially false and misleading statements and failed to disclose significant adverse information regarding the Company’s business and prospects. Specifically, it claims that the Defendants did not inform investors that: (1) there were deficiencies in the quality assurance of certain vehicle models; (2) these deficiencies were leading to increased warranty costs; (3) the Company’s warranty reserves did not accurately reflect the quality issues of the sold vehicles; (4) as a consequence, the Company’s profitability was likely to be negatively impacted; and (5) due to these issues, the Defendants’ positive statements about the Company’s business and future lacked a reasonable basis and were materially misleading.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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