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NEW YORK, Aug. 24, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Textron Inc. (“Textron” or the “Company”) (NYSE:TXT) of the October 21, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Textron stock or options between January 31, 2018 and October 17, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/TXT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Textron common stock between January 31, 2018 - October 17, 2018 (the “Class Period”). The case, Building Trades Pension Fund of Western Pennsylvania v. Textron Inc. et al., No. 1:19-cv-07881 was filed on August 22, 2019 and has been assigned to District Judge Denise L. Cote.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) end market sales of Arctic Cat products were slowing, resulting in a massive glut of old Arctic Cat inventory on dealers’ floors; (2) in order to clear out this old inventory, the Company provided significant price discounts, which negatively impacted Textron’s earnings; and (3) as a result, Textron’s positive statements about Arctic Cat’s business, operations, and prospects lacked a reasonable basis.
On October 18, 2018, Textron reported weak third quarter 2018 earnings and cut its full-year 2018 forecast. The Company blamed the shortfall on heavy discounts issued by Textron to clear out old inventory. Analysts immediately lowered their price targets on Textron stock citing the inventory concerns at Arctic Cat.
On this news, Textron’s stock fell from $64.78 on October 17, 2018 to $57.49 on October 18, 2018—a $7.29 or 11.25% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Textron’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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