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Adient PLC (ADNT)

NYSE:ADNT

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Adient PLC To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Adient PLC (“Adient” or the “Company”) (NYSE:ADNT) of the December 3, 2018 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 Adient stock or options between October 31, 2016 and June 11, 2018 and would like to discuss your legal rights, please fill out the form below.  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 rgonnello@faruqilaw.com. 

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 Adient securities between October 31, 2016 and June 11, 2018 (the “Class Period”).  The case, Barreto v. Adient PLC, et al., No. 18-cv-09116 was filed on October 4, 2018 and has been assigned to Judge Ronnie Abrams.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the extent to which certain operational problems, especially within its core seat structures and mechanisms (“SS&M”) group, would impact repeatedly stated business goals.

Specifically, on January 17, 2018, during an investor conference, the Company’s executives made the disclosure: “near-term results are being significantly impacted by SS&M.”

On this news, the Company’s share price fell from $82.18 per share on January 16, 2018 to $74.15 per share on January 18, 2018—a $8.03 or 9.77% drop.

Then, during the January 29, 2018 earnings conference call with investors, Defendants announced disappointing financial results for Adient’s first quarter of 2018, blaming the outcome on problems in the SS&M business, but remaining committed to the goal of delivering “200 basis points of consolidated adjusted EBIT margin improvement by the end of 2020.”

On this news, the Company’s share price fell from $72.30 per share on January 26, 2018 to $66.77 per share on January 29, 2018—a $5.53 or 7.65% drop.

Then, on May 3, 2018, Defendants announced they recorded a $299 million impairment charge related to the SS&M business and admitted “the 200 basis points of margin expansion . . . is no longer going to be achievable.”

On this news, the Company’s share price fell from $61.98 per share on May 2, 2018 to $55.84 per share on May 3, 2018—a $6.14 or 9.91% drop.

Then, on June 11, 2018, Adient announced (without explanation) the sudden and immediate resignation of CEO McDonald and slashed its earnings guidance.

On this news, the Company’s share price fell from $56.98 per share on June 8, 2018 to $48.10 per share on June 11, 2018—a $8.88 or 15.58% drop.

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fill out the form below and a Firm representative will contact you.

  • Case:
    Adient PLC (ADNT)
  •    

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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 10/10/2018

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