Textron Inc. (NYSE: TXT) Investor Securities Class Action Lawsuit 08/22/2019

If you purchased a significant amount of shares of Textron Inc. (NYSE: TXT) between January 31, 2018 and October 17, 2018, and / or if you purchased any NYSE: TXT shares prior to January 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: October 21, 2019. Textron Inc. (NYSE: TXT investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Textron
Case Name: 
Textron Shareholder Class Action Lawsuit 08/22/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: TXT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/22/2019
Class Period Begin: 
01/31/2018
Class Period End: 
10/17/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
10/21/2019
Summary: 

An investor in shares of Textron Inc. (NYSE: TXT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Textron Inc. in connection with certain allegedly false and misleading statements made between January 31, 2018 and October 17, 2018.

Providence, RI based Textron Inc. operates in the aircraft, defense, industrial, and finance businesses worldwide. On March 6, 2017, Textron Inc expanded its recreational vehicle business through its $316 million acquisition of Arctic Cat Inc. Upon the completion of this transaction, Arctic Cat became an indirect wholly-owned subsidiary of Textron Inc. Arctic Cat designs and manufactures a variety of recreational vehicles, including all-terrain vehicles and snowmobiles. Arctic Cat revenues are generated through sales to independent dealers.

On October 18, 2018, when Textron reported weak third quarter 2018 earnings and cut its full-year 2018 forecast.

Shares of Textron Inc. (NYSE: TXT) declined from $72.76 per share in September 2018 to as low as $45.16 per share in December 2018.

On January 24, 2019, Textron reported its fourth quarter 2018 results and announced its 2019 financial outlook. Textron Inc. reported that its annual Total Revenue declined from $14.19 billion in 2017 to $13.97 billion in 2018 and that its Net Income increased from $307 million in 2017 to over $1.22 billion in 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Textron Inc. (NYSE: TXT) common shares between January 31, 2018 and October 17, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 31, 2018 and October 17, 2018, the Defendants failed to disclose that end-market sales of Arctic Cat products were slowing, resulting in a massive glut of old Arctic Cat inventory on dealers’ floors, that in order to clear out this old inventory, the Company provided significant price discounts, which negatively impacted Textron’s earnings, and that as a result, Textron’s positive statements about Arctic Cat’s business, operations, and prospects were false and misleading