Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Textron Inc. To Contact The Firm
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 - October 17, 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 firstname.lastname@example.org.
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.
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. 6.
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.
Textron Inc. (TXT)
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Filed on 08/22/2019
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