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Case Status:    ONGOING    
On or around 10/01/2020 (Date of last review)

Filing Date: September 25, 2020

According to the Complaint, Garrett Motion Inc. 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 Honeywell’s Transportation Systems business. Garrett’s common stock traded on the New York Stock Exchange under the symbol “GTX” until September 18, 2020 and has traded over-the-counter under the symbol “GTXMQ” since September 21, 2020.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that, due to its agreement to indemnify and reimburse Honeywell for certain asbestos-related liability, Garrett was saddled with an unsustainable level of debt; (2) that, as a result, Garrett had a highly leveraged capital structure that posed significant challenges to its overall strategic and financial flexibility; (3) that, as a result of the foregoing, Garrett’s ability to gain or hold market share was impaired; (4) that, as a result of the foregoing, the Company was reasonably likely to seek bankruptcy protection; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Plaintiff voluntarily dismissed the claims against the Company on September 28, 2020.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Parts
Headquarters: Switzerland

SECURITIES INFORMATION:

Ticker Symbol: GTX
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 20-CV-07992
JUDGE: Hon. John G. Koeltl
DATE FILED: 09/25/2020
CLASS PERIOD START: 10/01/2018
CLASS PERIOD END: 09/18/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP (NY)
  2. Law Offices of Howard G. Smith
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available