LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Adient plc (“Adient” or the “Company”) (NYSE: ADNT) investors concerning the Company and its officers’ possible violations of federal securities laws.
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The investigation concerns whether the Company adequately disclosed critical issues in Adient’s core businesses, including the Company’s capital-intensive seat structures and mechanisms (“SS&M”) business. On January 17, 2018, the Company revealed that its near-term results are being significantly impacted by the SS&M business. On this news, shares of Adient dropped 10%. Then on January 29, 2018, Adient announced poor financial results for the first quarter of 2018, attributing the inadequate results to problems in SS&M. On this news, shares of Adient fell $5.53, nearly 7.6%, to close at $66.77.
On May 3, 2018, Adient revealed a $279 million net impairment charge related to the SS&M business and confessed that “the 200 basis points of margin expansion . . . is no longer going to be achievable.” On this news, Adient stock dropped 9.9%, to close at $55.84.
Finally, on June 11, 2018, Adient announced the resignation of its CEO and reduced its earnings guidance. On this news, shares of Adient fell $8.88, or 15.6%, to close at $48.10, thereby injuring investors.
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If you purchased Adient securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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