NEW YORK, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed
against Honeywell International, Inc. (“Honeywell” or the “Company”) (NYSE: HON) and certain of its officers. The class action,
filed in United States District Court, District of New Jersey, and indexed under 18-cv-15536, is on behalf of a class consisting of
all persons and entities, other than Defendants and their affiliates, who purchased or otherwise, acquired Honeywell securities
between February 9, 2018 through October 19, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by
Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top
officials.
If you are a shareholder who purchased Honeywell securities between February 9, 2018, and October 19, 2018, both
dates inclusive, you have until January 2, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of
the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Honeywell is a multinational conglomerate that makes a variety of commercial and consumer products, engineering
services, and aerospace systems. Honeywell previously owned Bendix Friction Materials (“Bendix”), a manufacturer of
automotive, truck and industrial brakes. Despite known health hazards, Bendix used asbestos in its brake- and clutch-pad
products until 2001. Honeywell sold Bendix in 2014.
Throughout the Class Period, Defendants made materially false and misleading statements regarding Honeywell’s
business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to
disclose that: (i) Honeywell’s Bendix asbestos-related liability was greater than initially reported; (ii) the Company maintained
improper accounting practices in connection with its Bendix asbestos-related liability; and (iii) as a result, Honeywell’s public
statements were materially false and misleading at all relevant times.
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 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 per share on October
19, 2018. Over the following three trading sessions, Honeywell’s stock price fell by an additional $7.87, or 5.3%, to close
at $140.72 per share on October 24, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz,
known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80
years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
