BENSALEM, Pa.–(BUSINESS WIRE)–$TXT–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Textron, Inc. (“Textron” or the “Company”) (NYSE: TXT) common stock between January 31, 2018 and October 17, 2018, inclusive (the “Class Period”). Textron investors have until October 21, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Textron investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
If you purchased shares of Textron, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
