Honeywell International Inc. - HON

Honeywell International Inc. – HON

Kehoe Law Firm, P.C. is investigating whether Honeywell International Inc. (“Honeywell” or the “Company”) (NASDAQ: HONviolated federal securities laws or engaged in other unlawful business practices.
Honeywell investors with financial losses are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire. 

October 22, 2021, Honeywell reported that it

. . . continue[s] to cooperate with investigations by the U.S. Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Brazilian authorities relating to [the Company’s] use of third parties who previously worked for [Honeywell’s] UOP business in Brazil in relation to Petróleo Brasileiro S.A. (Petrobras) in connection with a project awarded in 2010. The investigations focus on compliance with the U.S. Foreign Corrupt Practices Act and similar Brazilian laws (the UOP Matters), and involve, among other things, document production and interviews with former and current management and employees. The DOJ and the SEC are also examining a matter involving a foreign subsidiary’s prior contract with Unaoil S.A.M. in Algeria executed in 2011. [Honeywell continues] to be engaged in discussions with the authorities with respect to a potential comprehensive resolution of these matters.

As the discussions are both ongoing and at different stages with regards to each respective authority, there can be no assurance as to whether [Honeywell] will reach a resolution with such authorities or as to the potential timing, terms, or collateral consequences of any such resolution. As a result, [Honeywell] cannot predict the ultimate outcome of these UOP Matters or the potential impact on the Company. Based on available information to date, [Honeywell] estimate[s] that a potential comprehensive resolution of these UOP Matters would result in a probable loss of at least $160 million, and [Honeywell has] recorded a charge in this amount in [the Company’s] Consolidated Statement of Operations, and have accrued a corresponding liability on the Consolidated Balance Sheet. [Emphasis added.]

On this news, shares of Honeywell stock dropped $7.12 per share, closing at $217.40 per share. 

Honeywell investors who purchased, or otherwise acquired, the Company’s securities and suffered financial losses are encouraged to contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected][email protected], to discuss the securities class action investigation or potential legal claims.
Kehoe Law Firm, P.C.