NEW YORK, Sept. 06, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Textron Inc. (“Textron” or “the Company”) (TXT) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Textron securities between January 31, 2018 and October 17, 2018, both dates inclusive. Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/txt.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) end-market sales of Arctic Cat Inc. 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, Textron provided significant price discounts, which negatively impacted Textron's earnings; and (3) as a result, Textron’s public statements were materially false and misleading at all relevant times.
On October 18, 2018, Textron reported weak third quarter 2018 earnings and cut its full-year 2018 forecast. Textron blamed the shortfall on heavy discounts issued by Textron to clear out old inventory. Analysts immediately lowered their price targets on Textron stock, citing inventory concerns at the Company’s Arctic Cat Inc. subsidiary. 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.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/txt or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Textron you have until October 21, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org