The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Garrett Motion Inc. (NYSE: GTX) who purchased shares between October 1, 2018 and September 18, 2020. 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 Garrett Motion lawsuit alleges that (1) due to its agreement to indemnify and reimburse Honeywell for certain asbestos-related liability, Garrett was saddled with an unsustainable level of debt; (2) as a result, Garrett had a highly leveraged capital structure that posed significant challenges to its overall strategic and financial flexibility; (3) as a result of the foregoing, Garrett’s ability to gain or hold market share was impaired; (4) as a result of the foregoing, the Company was reasonably likely to seek bankruptcy protection; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until November 24, 2020 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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