A lawsuit was filed on behalf of investors in Garrett Motion Inc. (NYSE:GTX, OTC:GTXMQ) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 10/15/2020 -- An investor, who purchased shares of Garrett Motion Inc. (NYSE: GTX, OTC: GTXMQ), filed a lawsuit against Garrett Motion Inc. over alleged Securities Laws violations.
If you purchased shares of Garrett Motion Inc. (NYSE: GTX, OTC: GTXMQ), you have certain options and for certain investors are short and strict deadlines running. Deadline: November 24, 2020. NYSE: GTX, OTC: GTXMQ investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Switzerland based Garrett Motion Inc. designs, manufactures, and sells turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket worldwide. Garrett Motion Inc. reported that its annual Total Revenue declined from over $3.37 billion in 2018 to over $3.24 billion in 2019, and that its Net Income decreased from $1.18 billion in 2018 to $313 million in 2019.
On August 26, 2020, Garrett Motion Inc disclosed that the Company's "leveraged capital structure poses significant challenges to its overall strategic and financial flexibility and may impair its ability to gain or hold market share in the highly competitive automotive supply market, thereby putting Garrett at a meaningful disadvantage relative to its peers."
Shares of Garrett Motion Inc. (NYSE: GTX) declined from $7.15 per share on August 14, 2020, to as low as $2.54 per share on September 2, 2020.
According to the complaint the plaintiff alleges on behalf of purchasers of Garrett Motion Inc. (NYSE: GTX, OTC: GTXMQ)) common shares between October 1, 2018 and September 18, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 1, 2018 and September 18, 2020, the defendants failed to disclose to investors that, due to its agreement to indemnify and reimburse Honeywell for certain asbestos-related liability, Garrett was saddled with an unsustainable level of debt, that, as a result, Garrett had a highly leveraged capital structure that posed significant challenges to its overall strategic and financial flexibility that, as a result of the foregoing, Garrett's ability to gain or hold market share was impaired, that, as a result of the foregoing, the Company was reasonably likely to seek bankruptcy protection, and 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.
Those who purchased shares of Garrett Motion Inc. (NYSE: GTX, OTC: GTXMQ) have certain options and should contact the Shareholders Foundation.
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