Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Adient plc Investors
BENSALEM, Pa.--(BUSINESS WIRE)--Nov 13, 2018--Law Offices of Howard G. Smith announces that a class action lawsuit has been 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 firstname.lastname@example.org.
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.
If you purchased shares of Adient, have information or would like to learn more about these claims, or 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 email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181113006230/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: 11/13/2018 05:25 PM/DISC: 11/13/2018 05:25 PM