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Textron Inc (NYSE: TXT) Investor Securities Class Action Lawsuit 08/13/2009

  • If you purchased shares of Textron Inc (NYSE: TXT), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Textron, Inc.
Security
NYSE: TXT

Case Name
Textron Shareholder Class Action Lawsuit 08/13/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Rhode Island

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 23, 2011 - The lead plaintiff filed a notice of appeal.
August 24, 2011 - The court granted defendants motion to dismiss.

April 9, 2010 - Defendants filed a motion to dismiss.

February 8, 2010 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Textron Inc (NYSE: TXT) common shares between July 19, 2007 and January 29, 2009. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 19, 2007 and January 29, 2009.

December 4, 2009 - Lead plaintiff and lead counsel were appointed.

October 13, 2009 - Lead plaintiff motions were filed.

August 13, 2009 - An investor in shares of Textron Inc (NYSE: TXT) filed a lawsuit in the U.S. District Court for the District of Rhode Island on behalf of purchasers of Textron Inc (NYSE: TXT) securities between July 17, 2007 and January 29, 2009 against Textron Inc and others over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Textron Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between July 17, 2007 and January 29, 2009 materially false and misleading statements concerning Textron Inc’s stability and profitability by repeatedly publicizing record “backlogs” of unfilled customer orders for aircraft generated primarily by Cessna and by making positive statements about its finance segment.

Then on January 29, 2009 Textron Inc announced that an estimated $30 million of the $65 million in “restructuring” costs would be incurred by the its Cessna segment due to production cutbacks and worker layoffs planned for the first quarter of 2009. After this announcement, Textron Inc common stock (NYSE: TXT) traded to a new low of $8.83 per share before closing at $9.05 per share on volume of more than 26 million shares, a one day decline of $4.19, or 31%.

Textron Inc, located in Providence, RI, is a multi-industry company with a global network of aircraft, defense, industrial and finance businesses to provide customers with solutions and services around the globe. Textron Inc (NYSE: TXT) reported in 2007 Total Revenue of $12.615billion with a Net Income of $917million and in 2008 Total Revenue of $14.246billion with a Net Income of $486million. Shares of Textron Inc (NYSE: TXT) traded at $14.79 per share, down from a 52weekHigh of $43.06 per share and $73.38 per share in 2007.