|Company Name||BorgWarner Inc.|
On June 15, 2018, BorgWarner stated that the Audit Committee of its Board of Directors "concluded on June 12, 2018 . . . that the Company's consolidated financial statements for the fiscal years ended December 31, 2016 and 2015 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 should be restated, and that such consolidated financial statements should no longer be relied upon, due to the Company's re-evaluation of its accounting for liabilities relating to the estimated value of incurred but not reported asbestos-related claims . . . and their associated defense costs." BorgWarner informed investors that it "will also make appropriate revisions to the selected financial data for 2014 and 2013 and the quarterly information for 2016 to reflect these changes." On this news, shares of BorgWarner fell significantly during intraday trading on June 15, 2018, thereby injuring investors.
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