Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Adient plc Investors (ADNT)
LOS ANGELES--(BUSINESS WIRE)--Nov 16, 2018--Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
On January 17, 2018, the Company revealed that its near-term results are being significantly impacted by the Company’s capital-intensive seat structures and mechanisms (“SS&M”) business. On this news, shares of Adient dropped 10%. Then on January 29, 2018, Adient announced poor financial results for the first quarter of 2018, attributing the inadequate results to problems in SS&M. On this news, shares of Adient fell $5.53, nearly 7.6%, to close at $66.77.
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.” On this news, Adient stock dropped 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, shares of Adient 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.
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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. 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181116005567/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 11/16/2018 09:03 PM/DISC: 11/16/2018 09:02 PM