Class Action Filed Against Ford Motor Company in New York

On September 25, 2024, Pomerantz LLP announced the filing of a class action lawsuit against Ford Motor Company, focusing on allegations of securities fraud and other unlawful business practices. This legal action comes in the wake of Ford's troubling financial disclosures made on July 24, 2024, when the company reported that its profitability had been adversely impacted by rising warranty reserves and costs. The announcement revealed that warranty and recall expenses had surged to $2.3 billion in the second quarter, significantly higher than previous quarters and the same period last year. The financial report prompted a sharp decline in Ford's stock price, which fell by $2.51 per share, or 18.36%, closing at $11.16 on July 25, 2024. This drastic drop raised concerns among investors regarding the company's financial health and management practices. As a result, shareholders who purchased Ford securities during the class period are now being urged to consider joining the class action lawsuit. Pomerantz LLP, a well-known firm in corporate and securities litigation, is leading this effort, emphasizing the importance of protecting the rights of investors affected by potential corporate misconduct. Shareholders have until October 7, 2024, to request appointment as Lead Plaintiff in the case, highlighting the urgency for those impacted by the recent developments. The outcome of this lawsuit could have significant implications for Ford and its shareholders, as it seeks to address the alleged mismanagement and financial discrepancies that have surfaced in recent months.