LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the October 10, 2017 deadline in the class action lawsuit filed on behalf of investors who purchased TransDigm Group Incorporated (“TransDigm” or the “Company”) (NASDAQ: TDG) securities between May 10, 2016 and January 19, 2017, inclusive (the “Class Period”). TransDigm investors have until October 10, 2017 to file a lead plaintiff motion. To obtain information or participate in the class action, please visit the TransDigm page on our website at www.glancylaw.com/case/transdigm-group-inc.
On January 20, 2017, Citron Research issued a report accusing TransDigm of being the “Valeant of the aerospace industry.” The report disclosed that the Company uses multiple shell distributors that have no pricing power to avoid detection by making government bids seems competitive. Citron further emphasized that TransDigm’s growth was driven, in large part, by rampant acquisitions and extreme debt levels.
On this news, TransDigm’s share price dropped $24.86 per share, or 9.87%, from $251.76 per share on January 19, 2017 to $226.90 per share on January 20, 2017, thereby damaging investors.
The complaint filed in this class action alleges that TransDigm made false and/or misleading statements and/or failed to disclose that: (1) TransDigm’s growth and profitability were artificially inflated as a result of its illicit business practices; (2) the Company used exclusive distributors to make noncompetitive government bids seems competitive; (3) TransDigm subsidiaries failed to list TransDigm as a parent entity when submitting government bids; and (4) as a result of the foregoing, Defendants’ statements about TransDigm’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. As a result of this fraudulent scheme, Defendants were able to artificially inflate the Company’s financials throughout the Class Period.
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If you purchased shares of TransDigm during the Class Period you may move the Court no later than October 10, 2017 to ask the Court to appoint you as lead. To be a member of the Class 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. 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, 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 email@example.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.
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