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.

On January 21, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 20-CV-07992.

Lead Plaintiffs filed a consolidated amended Complaint on February 25, 2021. On July 22, Lead Plaintiffs filed a second consolidated amended Complaint. Defendants filed a Motion to Dismiss the second consolidated amended Complaint on August 11. On March 31, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

Plaintiffs filed a third consolidated amended Complaint on May 2, 2022. Defendants filed a Motion to Dismiss the third consolidated amended Complaint on June 24. On March 31, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.

Lead Plaintiff filed a notice appealing the Court's Dismissal Order on April 19, 2023.