On or around 08/23/2019 (Date of last review)
Filing Date: August 22, 2019
According to the Complaint, Textron is a global manufacturer of small aircrafts and recreational vehicles. On March 6, 2017, Textron expanded its recreational vehicle business through its $316 million acquisition of Arctic Cat Inc. Upon the completion of this transaction, Arctic Cat became an indirect wholly-owned subsidiary of Textron. Arctic Cat designs and manufactures a variety of recreational vehicles, including all-terrain vehicles and snowmobiles. Arctic Cat revenues are generated through sales to independent dealers.
The Complaint alleges that throughout the Class Period, Defendants failed to disclose that: (1) end-market sales of Arctic Cat products were slowing, resulting in a massive glut of old Arctic Cat inventory on dealers’ floors; (2) in order to clear out this old inventory, the Company provided significant price discounts, which negatively impacted Textron’s earnings; (3) as a result, Textron’s positive statements about Arctic Cat’s business, operations, and prospects were false and misleading.
Company & Securities Information
Defendant: Textron Inc.
Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States
Ticker Symbol: TXT
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Building Trades Pension Fund of Western Pennsylvania, et al. v. Textron Inc., et al.