The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Textron Inc. (NYSE: TXT) who purchased shares between January 31, 2018 and October 17, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Textron lawsuit alleges 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 lacked a reasonable basis.
Shareholders have until October 21, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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