Ford faces securities fraud lawsuit filed in New York

On September 17, 2024, Bleichmar Fonti & Auld LLP announced a securities fraud lawsuit against Ford Motor Company and some of its senior executives. The lawsuit, filed in the U.S. District Court for the Eastern District of Michigan, claims that Ford misrepresented its warranty reserves and organizational changes aimed at improving quality and reducing costs. Contrary to these assertions, the company was facing increased warranty costs that were not accurately reflected in its financial statements. The complaint highlights that in the second quarter of 2024, Ford's warranty and recall costs surged to $2.3 billion, significantly higher than previous quarters. This alarming increase in costs was disclosed in a press release, which stated that profitability was adversely affected by rising warranty reserves. Following this revelation, Ford's stock price plummeted by over 18%, closing at $11.16 per share on July 25, 2024. Investors who purchased Ford securities during the relevant period are encouraged to take action by submitting their information to seek legal representation. The law firm operates on a contingency fee basis, meaning that shareholders will not incur any costs unless the case is successful. The deadline for investors to request to lead the case is October 7, 2024. Bleichmar Fonti & Auld LLP is recognized for its expertise in securities law and has received accolades for its performance in representing plaintiffs. The firm aims to secure court approval for any potential fees and expenses related to the lawsuit, ensuring that investors are informed of their rights and options moving forward.