Deadline Alert: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Adient plc
BENSALEM, Pa.--(BUSINESS WIRE)--Nov 20, 2018--Law Offices of Howard G. Smith reminds investors of the December 3, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Adient plc. (“Adient” or the “Company”) (NYSE: ADNT ) securities between October 31, 2016 and June 11, 2018, inclusive (the “Class Period”). Adient investors have until December 3, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Adient investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On January 17, 2018, the Company revealed that its near-term results were being significantly impacted by the Company’s capital-intensive seat structures and mechanisms (“SS&M”) business. On this news, Adient’s share price fell 10%. Then on January 29, 2018, Adient announced poor financial results for the first quarter of 2018, attributable to the SS&M business. On this news, Adient’s share price fell $5.53, or nearly 7.6%, to close at $66.77.
Then, on May 3, 2018, Adient revealed a $279 million net impairment charge related to the SS&M business. On this news, Adient’s share price fell 9.9%, to close at $55.84.
Finally, on June 11, 2018, Adient announced the resignation of its CEO and reduced its earnings guidance. On this news, Adient’s share price fell $8.88, or 15.6%, to close at $48.10, thereby injuring investors.
The Complaint filed in this class action 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.
If you purchased shares of Adient during the Class Period you may move the Court no later than December 3, 2018 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181120005777/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2018.
PUB: 11/20/2018 05:31 PM/DISC: 11/20/2018 05:31 PM