The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.
If you are a member of the Class, you are subject to the Settlement unless you timely request to be excluded.
Your rights may be affected if you purchased Textron Inc. (“Textron”) publicly-traded common stock (trading symbol “TXT”) on the New York Stock Exchange (“NYSE”), on other U.S. exchanges or in a U.S. transaction, or you purchased Textron stock on the NYSE on a “when issued” basis during the period from January 31, 2018 through December 6, 2018,inclusive, you are a member of the Settlement Class and you could get a payment from a class action settlement.
Textron Securities refers to the publicly traded securities of Textron. During the Class Period, Textron common stock was listed on the NASDAQ Global Select Market under the ticker symbol “TXT.”
Please read the Notice carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
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THE CLAIM FILING DEADLINE
WAS JANUARY 20, 2023.
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This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court, and you will give up any Released Claims (defined in ¶ 1(gg) of the Stipulation and Agreement of Settlement), that you have against Defendants Releasees (defined in ¶ 1(n) of the Stipulation and Agreement of Settlement), so it is in your interest to submit a Claim Form.
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THE EXCLUSION DEADLINE
WAS OCTOBER 28, 2022.
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If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Releasees concerning the Released Class Claims.
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THE OBJECTION DEADLINE
WAS OCTOBER 28, 2022.
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If you do not like the proposed Settlement, the proposed Plan of Allocation, the request for attorneys’ fees and expenses, or the proposed award to Lead Plaintiff, you may write to the Court and explain why you do not like them. You cannot object to any of those matters unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class.
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THE SETTLEMENT HEARING TOOK PLACE ON NOVEMBER 18, 2022.
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Filing a written objection and notice of intention to appear by October 28, 2022, allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses or the award to Lead Plaintiffs. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. The Court may change the date of the Settlement Fairness Hearing and may also order the Hearing to be held by telephone or videoconference, in which case instructions about date, time, and how to participate will be posted on this website.
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DO NOTHING.
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If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement, and you will be bound by any judgments or orders entered by the Court in the Action.
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The Settlement Fairness Hearing
The Court held a hearing on November 18, 2022, to consider whether the Settlement should be approved and related matters. On November 21, 2022, the Court entered an opinion granting Lead Plaintiffs’ motion for final approval of the Settlement and approval of the proposed Plan of Allocation and Lead Counsel’s motion for attorneys’ fees and expenses. The Court also entered a Judgment Approving Class Action Settlement, an Order Approving the Plan of Allocation of Net Settlement Fund, and an Order Awarding Attorneys' Fees and Expenses.
What Is This Case About?
The Action involves investors alleging that Textron Inc. (“Textron” or the “Company”), Scott C. Donnelly, and Frank T. Connor (collectively “Defendants”) violated the federal securities laws by misrepresenting and omitting material information concerning a persistent oversupply of aged Arctic Cat snow and dirt inventory that required steep discounting to motivate sales, causing substantial losses during the Class Period. Lead Plaintiff alleged that these misrepresentations and omissions caused the price of Textron publicly-traded common stock to be artificially inflated during the Class Period (January 31, 2018 through December 6, 2018, inclusive), causing Lead Plaintiff’s and the Settlement Class’s damages. Defendants have denied all of Lead Plaintiff’s allegations and do not admit any of them.
The Settlement Benefits
The Settlement, if approved, will result in the creation of a cash settlement fund of $7,900,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of this Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees and expenses that may be approved by the Court (the “Net Settlement Fund”), will be distributed to Settlement Class Members pursuant to the Plan of Allocation that is described in the Notice.
Further Information
This website and the Notice summarize the Settlement. For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:
Claims Administrator:
Textron Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173042
Milwaukee, WI 53217
(877) 354-3791
info@TextronSecuritiesLitigation.com
Lead Counsel:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, NY 10022
(212) 687-1980
mail@kaplanfox.com