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CST: 14/10/2019 02:47:33   

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Textron, Inc.

13 Days ago

LOS ANGELES, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming October 21, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Textron, Inc. (“Textron” or the “Company”) (NYSE: TXT) investors who purchased common stock between January 31, 2018 and October 17, 2018, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On October 18, 2018, Textron reported weak third quarter 2018 earnings and cut its full-year 2018 forecast, citing large discounts used to clear out old inventory from Arctic Cat Inc., which Textron acquired in March 2017.

On this news, Textron’s stock price fell $7.29 per share, or 11.25%, to close at $57.49 per share on October 18, 2018, thereby injuring investors. 

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that end market sales of Arctic Cat products were slowing, resulting in a massive glut of old Arctic Cat inventory on dealers’ floors; (2) that in order to clear out this old inventory, the Company provided significant price discounts, which negatively impacted Textron’s earnings; and (3) that as a result, Textron’s positive statements about Arctic Cat’s business, operations, and prospects lacked a reasonable basis.

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If you purchased or otherwise acquired Textron common stock during the Class Period you may move the Court no later than October 21, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

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