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NEW YORK, NY / ACCESSWIRE / November 14, 2018 / Pomerantz LLP announces that a class actionlawsuit hasbeen filed against Adient plc. ("Adient or the "Company") (ADNT) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and indexed under 18-cv-09630, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired Adient securities between October 31, 2016 and June 11, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Adient securities between October 31, 2016, and June 11, 2018, both dates inclusive, you have until December 3, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Adient is an Irish corporation headquartered in Dublin. The Company was formed in late October 2016, when Johnson Controls International plc ("Johnson") completed the spinoff of its automotive seating and interiors business. Adient has 85,000 employees and operates 238 manufacturing/assembly plants in 34 countries worldwide. The Company designs, engineers, and manufactures automotive seating for all vehicle classes and all major original equipment manufacturers ("OEMs") and claims to be the largest global automotive seating supplier in the world. Nearly half of its annual revenues derived from the sale of metal components used in seat frames produced by its seat structures and mechanisms ("SS&M") group, also called the metals group.
From the date of its formation, Adient and certain of its senior executives highlighted improvements in the efficiency of the Company's capital-intensive metals business (a/k/a the SS&M business) as a key driver of its success. For example, Defendants repeatedly emphasized to investors that the Company was "solidly on track" to deliver 200 basis point margin expansion by 2020, a feat that depended in large part on operational and financial improvements in its core SS&M business.