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SAN FRANCISCO, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Textron Inc. (NYSE: TXT) to the securities class action, Building Trades Pension Fund of Western Pennsylvania v. Textron Inc. et al., No. 1:19-cv-07881, pending in the U.S. District Court for the Southern District of New York.
If you invested in Textron between January 31, 2018 and October 17, 2018 (the “Class Period”) and suffered $50,000+ in losses, you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case.
If you wish to serve as a lead plaintiff in this class action, you must move the Court no later than October 21, 2019 (the “Lead Plaintiff deadline). Contact Hagens Berman immediately for more information about the case and being a lead plaintiff:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
According to the Complaint, Textron misleadingly touted Arctic Cat Inc., a company Textron acquired in March 2017, as an important growth business for Textron and reassured investors about dealer demand, end-market sales and earnings prospects for its Arctic Cat products.
The Complaint alleges Textron concealed (1) end-market sales of Arctic Cat products were slowing, resulting in a massive glut of old Arctic Cat inventory on dealers’ floors, and (2) Textron provided significant price discounts to clear the old inventory, negatively impacting Textron’s earnings.
On October 18, 2018, Textron announced weak 3Q 2018 earnings, cut the full-year 2018 earnings forecast, and blamed heavy discounts Textron issued to clearing out old inventory. This news caused Textron shares to plummet, erasing $1.8 billion in market capitalization.
“We’re focused on investors’ losses and whether Textron misled investors about Arctic Cat’s growth prospects,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Textron should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email TXT@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000