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BorgWarner Will Restate Financials to Cover Asbestos Charges
BorgWarner Inc. says it will restate its financial results for 2015-2016 to cover charges related to asbestos liabilities and related legal defense costs.
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BorgWarner Inc. says it will restate its financial results for 2015-2016 to cover charges related to asbestos liabilities and related legal defense costs.
Certain revisions also will be made to its 2013-2014 financial data, according to the company. It blames its failure to account for the charges to a now-corrected flaw in its financial reporting procedures.
BorgWarner says it has been discussing the issue over the past 12 months with the U.S. Securities and Exchange Commission. The amount of the adjustments has not yet been finalized.
BorgWarner emphasizes that the issue is not related to CEO James Verrier’s decision to relinquish that title to COO Frederic Lissalde on Aug. 1 before retiring in February.
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