BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming October 21, 2019 deadline to file a lead plaintiff motion in the class action 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”).
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 firstname.lastname@example.org.
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 Textron common stock during the Class Period you may move the Court no later than October 21, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 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@example.com, or visit our website at www.howardsmithlaw.com.
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