GARRETT MOTION INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Garrett Motion Inc.
LEAD PLAINTIFF DEADLINE IS NOVEMBER 24, 2020
/EIN News/ -- NEW YORK, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Garrett Motion Inc. (“Garrett” or the “Company”) (OTC: GTXMQ) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Garrett Motion Inc. Between October 1, 2018 and September 18, 2020, inclusive (the “Class Period”).
All investors who purchased shares of against Garrett Motion Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of against Garrett Motion Inc., you may, no later than November 24, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Garrett Motion Inc.
Garrett designs, manufactures and sells turbocharger, electric-boosting and connected vehicle technologies for original equipment manufacturers and the aftermarket. In October 2018, the Company formed as a spin-off of the Transportation Systems business of Honeywell International Inc. (“Honeywell”).
On August 26, 2020, before the market opened, the Company disclosed that its “leveraged capital structure poses significant challenges to its overall strategic and financial flexibility and may impair its ability to gain or hold market share in the highly competitive automotive supply market, thereby putting Garrett at a meaningful disadvantage relative to its peers.” Garrett further stated that its “high leverage is exacerbated by significant claims asserted by Honeywell against certain Garrett subsidiaries under the disputed subordinated asbestos indemnity and the tax matters agreement.”
On this news, the Company’s share price fell $3.04, or 44%, to close at $3.84 per share on August 26, 2020.
On Sunday, September 20, 2020, Garrett announced that it had filed for Chapter 11 bankruptcy.
The following business day, the New York Stock Exchange (“NYSE”) announced that it would commence proceedings to delist Garrett’s stock from the NYSE after the Company’s disclosure that it had filed for bankruptcy.
On this news, the Company’s stock began trading on the over-the-counter exchange and closed at $1.76 per share on September 22, 2020, a 12% decline from the closing price on September 18, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.
