NEW YORK, Oct. 9, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Adient plc ("Adient" or the "Company") (NYSE: ADNT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Adient and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 17, 2018, during an investor conference, Adient disclosed that its "near-term results are being significantly impacted by" the Company's capital-intensive metals business (the "SS&M business"). On this news, Adient's stock price fell $8.03 per share, or 9.8%, to close at $74.15 per share on January 18, 2018.
On January 29, 2018, during an earnings call, Adient announced disappointing financial results for Adient's first fiscal quarter of 2018, again citing issues with the Company's SS&M business. On this news, Adient's stock price fell $5.53 per share, or 7.6%, to close at $66.77 per share on January 29, 2018.
On May 3, 2018, Adient announced that the Company had recorded a $299 million impairment charge related to its SS&M business and admitted that certain previously announced operational goals were "no longer going to be achievable". On this news, Adient's stock price fell $6.14 per share, or roughly 10%, to close at $55.84 per share on May 3, 2018.
Then, on June 11, 2018, Adient announced the resignation of its Chief Executive Officer, Bruce McDonald, and sharply lowered the Company's earnings guidance. On this news, Adient's stock price fell $8.88 per share, or 15.6%, to close at $48.10 per share on June 11, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP