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Textron faces class action lawsuit alleging misinformation, price inflation

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Textron faces class action lawsuit alleging misinformation, price inflation

Aerospace and defense company Textron Inc. is facing a class action lawsuit alleging that the company artificially inflated its market price in 2018, according to an Aug. 24 news release from law firm Federman & Sherwood.

The complaint alleged that Textron violated federal securities laws, in part by issuing a series of misrepresentations to the market and therefore artificially inflating the market price over Jan. 31, 2018, to Oct. 17, 2018.

Law firm Federman & Sherwood is representing the plaintiffs, aiming to recover damages on behalf of all Textron, Inc. shareholders who purchased common stock during that time period.

Textron operates internationally in the aircraft, defense, industrial and finance businesses.