SHAREHOLDER ALERT - Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action Against Adient plc (ADNT) & Lead Plaintiff Deadline: December 3, 20181 Views
NEW YORK, NY / ACCESSWIRE / November 9, 2018 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Adient plc ("Adient" or the "Company") (NYSE: ADNT) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Adient securities between October 31, 2016 and June 11, 2018, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/adnt.
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 materially false and/or misleading statements. Specifically the complaint alleges that defendants repeatedly stressed to investors that it was "solidly on track" to deliver 200-basis-point margin expansion by 2020, which was largely dependent on operational and financial improvements in Adient's core SS&M business, while unbeknownst to investors, Adient's core SS&M business faced significant operational problems such that the repeatedly touted 200-basis-point margin expansion was not "on track" at any point during the Class Period. Consequently, Adient stock traded at artificially inflated prices during the Class Period, reaching a high of $85.93 per share.
On January 17, 2018, defendants revealed that its "near-term results [were] being significantly impacted by SS&M." Following this news, Adient stock dropped almost 10%. On January 29, 2018, Adient announced disappointing financial results for 2018's first quarter, attributing the poor results to problems in the SS&M business, and said they were still committed to "deliver 200 basis points of consolidated adjusted EBIT margin improvement by the end of 2020" and were "examining the composition of these 200 basis points . . . . [I]f SS&M . . . is incapable of delivering the 100 to 200 basis points of improvement by 2020, we'll look to execute other parts of – other things within the rest of our organization to offset the shortfall." Following this news, Adient stock dropped $5.53, or about 7.6%, to close at $66.77 per share. Then on May 3, 2018, Adient revealed a $279 million net impairment charge related to the SS&M business and confessed that "the 200 basis points of margin expansion . . . is no longer going to be achievable." Following this news, Adient stock dropped roughly 10%, to close at $55.84 per share. On June 11, 2018, Adient publicized the sudden and immediate resignation of its CEO and reduced its earnings guidance. Following this news, Adient stock dropped $8.88 per share to close at $48.10.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/adnt 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 Adient you have until December 3, 2018 to request that the Court appoint you as lead plaintiff. 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 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC