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Case Status:    SETTLED
On or around 12/21/2022 (Date of order of final judgment)

Filing Date: October 27, 2020

According to the Complaint, Bayerische Motoren Werke Aktiengesellschaft ("BMW" or the "Company"), together with its subsidiaries, purports to develop, manufacture, and sell automobiles, motorcycles, spare parts and accessories worldwide.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) BMW kept a “bank” of retail vehicle sales that it used to meet internal monthly sales targets regardless of when the sales actually occurred; (2) BMW artificially manipulated sales figures by having dealers register cars as sold when the cars were still in inventory; (3) as a result, BMW’s key operating metrics were inaccurate and misleading; and (4) as a result, Defendants’ statements about BMW’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

On July 22, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on September 24. On November 30, Lead Plaintiff voluntarily dismissed seven of the individual Defendants.

The parties notified the Court that they had reached a settlement in principle on February 3, 2022. On April 1, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on May 9. On December 21, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

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