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April 25, 2014
11:32 EDTDLPHDelphi Automotive discloses possible FCPA violations
Delphi Automotive disclosed last night in a regulatory filing, "During the first quarter of 2014, Delphi identified certain potentially improper payments, made by certain manufacturing facility employees in China, that may violate certain provisions of the U.S. Foreign Corrupt Practices Act (the “FCPA”). Under the oversight of Delphi’s Audit Committee of the Board of Directors, Delphi has engaged outside counsel to assist in the review of these matters, and to evaluate existing controls and compliance policies and procedures. This review remains ongoing. Violations of the FCPA could result in criminal and/or civil liabilities and other forms of penalties or sanctions. Delphi has voluntarily disclosed these matters to the U.S. Department of Justice and the SEC, and is cooperating fully with these agencies. Although Delphi does not expect the outcome of this review to have a material adverse impact on the Company, there can be no assurance as to the ultimate outcome of these matters at this time."
News For DLPH From The Last 14 Days
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November 18, 2015
12:02 EDTDLPHBorgWarner has de-risked set up into Detroit Auto Show, analyst says
Shares of BorgWarner (BWA), a global automotive industry components and parts supplier, are gaining after Goldman Sachs analyst Patrick Archambault upgraded the company to Buy from Neutral citing the 35% pullback in shares since the March 3 peak and improving China sales. WHAT'S NEW: Archambault, who maintained a $54 price target on BorgWarner shares, said in a note to investors that the auto parts maker has de-risked the set up into the Detroit Auto Show in January in the wake of its recent guide down for 2015 and pull forward of backlog cut announcement. The company may get to mid-to-high single digit growth even with a backlog cut and improving China sales "may even point to some upside," the analyst continued. WHAT'S NOTABLE: On November 10, BorgWarner finalized its acquisition of Remy International, a manufacturer of rotating electrical components such as alternators, starter motors and electric traction motors for the automotive and commercial vehicle industry. "With this acquisition, the complementary combination of technologies and global operations will strengthen BorgWarner's product leadership position," said BorgWarner President and Chief Executive Officer James Verrier. On October 30, RBC Capital downgraded BorgWarner to Sector Perform from Outperform with a $45 price target on shares. Analyst Joseph Spak said BorgWarner's story is transitioning from a growth story to GARP as it enters a mid-single digit growth phase, and expects the shareholder base will likely churn and credibility has to be rebuilt. PRICE ACTION: Shares of BorgWarner are advancing 4.79%, or $1.94, to $42.55 in midday trading. OTHERS TO WATCH: Other companies in the space including Lear (LEA), Delphi Automotive (DLPH) and Magna International (MGA) are trading higher in midday trading.
07:57 EDTDLPHBarclays to hold a conference
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