According to the Complaint, 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.
The Complaint alleges that 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 February 26, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on April 10. On August 19, Plaintiff filed a second amended Complaint. Lead Plaintiff filed a third amended Complaint on December 30. Defendants filed a Motion to Dismiss the third amended Complaint on February 7, 2020. On May 18, the Court issued an Order denying Defendants' Motion to Dismiss. Lead Plaintiff voluntarily dismissed one of the individual Defendants on May 28. On December 3, the Court issued an Order appointing Co-Lead Plaintiff and Co-Lead Counsel.
The parties entered into a Stipulation of Settlement on December 7, 2021.