Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against Adient plc (ADNT)
NEW YORK--(BUSINESS WIRE)--Oct 9, 2018--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Adient plc. (“Adient” or the “Company”) (NYSE: ADNT) and other defendants, related to alleged violations of federal securities laws. If you purchased Adient securities between October 31, 2016 and June 11, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Adient is an Irish corporation headquartered in Dublin. Adient formed when Johnson Controls International plc completed a spinoff of its automotive seating and interiors business.
According to the lawsuit, nearly half of Adient’s annual revenues are derived from the sale of metal components used in seat frames produced by its seat structures and mechanisms group (“SS&M”). Moreover, since its inception, Adient has touted the efficiency of its SS&M business and asserted it was “solidly on track” to deliver 200 basis points of margin expansion by the end of 2020. However, beginning in January 2018, Adient began revealing issues with the SS&M business.
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 the first quarter of 2018, attributing the poor results to problems in SS&M. Following this news, Adient stock dropped $5.53, 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 9.9%, to close at $55.84.
Finally, 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, or 15.6%, to close at $48.10.
What You Can Do
If you purchased Adient securities between October 31, 2016 and June 11, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at email@example.com. The lead plaintiff deadline is December 3, 2018.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT: Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Fl, NY, NY 10169
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Scott+Scott Attorneys at Law LLP
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PUB: 10/09/2018 11:35 AM/DISC: 10/09/2018 11:35 AM