LOS ANGELES, Nov. 10, 2018 (GLOBE NEWSWIRE) — The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Adient plc (“Adient” or “the Company”) (NYSE: ADNT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares between October 31, 2016 and June 11, 2018, inclusive (the ”Class Period”), are encouraged to contact the firm before December 3, 2018.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Adient touted efficiency improvements in its SS&M business, claiming it was “solidly on track” to achieve a 200-basis-point margin improvement by 2020. This business was actually facing significant challenges and was not likely to achieve the margin improvement target. On January 17, 2018, Adient admitted that near-term results were “significantly impacted by SS&M.” Even at that date, the Company claimed the margin improvement plan was still viable. On May 3, 2018, the Company announced an impairment charge related to the SS&M business and finally admitted “the 200 basis points of margin expansion . . . is no longer going to be achievable.” On June 11, 2018, the CEO of Adient suddenly resigned without explanation. Based on these facts, the Company’s statements were false and materially misleading throughout the class period. When the market learned the truth about Adient, investors suffered damages.
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