Pomerantz LLP is investigating claims on behalf of investors of Honeywell International, Inc. ("Honeywell" or the "Company"). The investigation concerns whether Honeywell and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 23, 2018, Honeywell 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 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 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." On this news, Honeywell's stock price fell $1.72 per share, or 1.11%, to close at $153.47 on October 19, 2018.