News & Media
Securities Class Action Filed on Behalf of Persons and Entities That Purchased or Otherwise Acquired Securities of Garrett Motion Inc. During the Period from October 1, 2018 through September 18, 2020, Inclusive
October 9, 2020
On October 5, 2020, Entwistle & Cappucci LLP filed a securities class action lawsuit on behalf of persons and entities that purchased or otherwise acquired securities of Garrett Motion Inc. (NYSE: GTX) (“Garrett” or the “Company”) during the period October 1, 2018 through September 18, 2020, inclusive, and who thereby sustained damages (the “Class”). The case was filed in the United States District Court for the Southern District of New York, Case No. 20-cv-08296, against certain former and current officers and directors of Garrett Motion (collectively, “Defendants”).
The class action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that Defendants made materially false and misleading statements and omissions of material facts regarding Garrett’s ability to survive as an independent company following its October 1, 2018 spin-off from Honeywell International Inc. (the “Spin-Off”). As a result, Class members that purchased Garrett securities on or after the date of the Spin-Off did so at artificially inflated prices. If you wish to view the complaint filed by E&C, please click here.
On September 20, 2020, Garrett announced it had commenced Chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Proceedings”). E&C is currently representing its institutional clients in the Bankruptcy Proceedings.
The deadline for seeking appointment as a lead plaintiff in this matter is set for November 24, 2020. Any member of the proposed Class may move the Court to serve as a lead plaintiff through counsel of their choice, or they may choose to do nothing and remain a member of the Class.