| COMPANY |
Textron Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
19-cv-07881 |
| JUDGE |
The Hon. Denise Cote |
| CLASS PERIOD |
January 31, 2018 - December 6, 2018 |
| SECURITY TYPE |
Common Stock |
Case Background:
On August 22, 2019, the initial complaint in this securities class action was filed against Textron Inc. (“Textron” or the “Company”), and certain of Textron’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all investors who purchased or acquired Textron common stock between January 31, 2018 and December 6, 2018, (“Class Period”) both dates inclusive.
The complaint alleges that throughout the Class Period, Defendants failed to disclose that: (1) end-market sales of Arctic Cat 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, the Company provided significant price discounts, which negatively impacted Textron’s earnings; and (3) as a result, Textron’s positive statements about Arctic Cat’s business, operations, and prospects were false and misleading.
Current Status of Case:
Lead Plaintiff filed a second amended complaint (the “Complaint”) on February 14, 2020. On July 20, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff filed a Notice appealing the Court's Dismissal Order on August 18, 2020. The case was scheduled for oral argument before the Second Circuit Court of Appeals on June 1, 2021. On September 17, 2021, the Second Circuit upheld the District Court’s dismissal of Lead Plaintiff’s’ allegations of misstatements, and permitted the Lead Plaintiff to proceed on only the allegations regarding inventory related matters. On November 21, 2022, the Court approved the Settlement of this action. This action has concluded.
The deadline to file a claim is January 20, 2023. If you have any questions or need further information about this settlement, you may go to the following website, http://www.textronsecuritieslitigation.com/, or you can contact the claims administrator, A.B. Data, Ltd. at 1-877-354-3791.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.