{"id":386085,"date":"2020-11-20T11:03:12","date_gmt":"2020-11-20T16:03:12","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=386085"},"modified":"2020-11-20T11:03:12","modified_gmt":"2020-11-20T16:03:12","slug":"the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-garrett-motion-inc-gtx-gtxmq","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-garrett-motion-inc-gtx-gtxmq\/","title":{"rendered":"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Garrett Motion Inc. (GTX, GTXMQ)"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Garrett Motion Inc. (GTX, GTXMQ)<\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;esheet=52333073&amp;newsitemid=20201120005235&amp;lan=en-US&amp;anchor=The+Law+Offices+of+Frank+R.+Cruz&amp;index=1&amp;md5=dc9cc913c3cc0d0a713025178ae023e7\">The Law Offices of Frank R. Cruz<\/a> reminds investors of the upcoming <b>November 24, 2020 <\/b>deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Garrett Motion Inc. (&#8220;Garrett&#8221; or the &#8220;Company&#8221;) (NYSE: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FGTX&amp;esheet=52333073&amp;newsitemid=20201120005235&amp;lan=en-US&amp;anchor=GTX&amp;index=2&amp;md5=e35b655e6a422a7c9c35c592c6ecba53\">GTX<\/a>, OTC: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FGTXMQ&amp;esheet=52333073&amp;newsitemid=20201120005235&amp;lan=en-US&amp;anchor=GTXMQ&amp;index=3&amp;md5=0a756d06872dce7d14cbd6b72eff9732\">GTXMQ<\/a>) securities between <b>October 1, 2018 and September 18, 2020,<\/b> inclusive (the \u201cClass Period\u201d).\n<\/p>\n<p>\nIf you are a shareholder who suffered a loss, click <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Fgarrett-motion-inc%2F&amp;esheet=52333073&amp;newsitemid=20201120005235&amp;lan=en-US&amp;anchor=here&amp;index=4&amp;md5=5b0e3a4ab3314ad51f3ea5dd2e1f8d35\">here<\/a> to participate.\n<\/p>\n<p>\nOn August 26, 2020, before the market opened, the Company disclosed that its \u201cleveraged capital structure poses significant challenges to its overall strategic and financial flexibility and may impair its ability to gain or hold market share in the highly competitive automotive supply market, thereby putting Garrett at a meaningful disadvantage relative to its peers.\u201d The Company further stated that its \u201chigh leverage is exacerbated by significant claims asserted by Honeywell against certain Garrett subsidiaries under the disputed subordinated asbestos indemnity and the tax matters agreement.\u201d\n<\/p>\n<p>\nOn this news, Garrett\u2019s share price fell $3.04, or 44%, to close at $3.84 per share on August 26, 2020, thereby damaging investors.\n<\/p>\n<p>\nOn Sunday, September 20, 2020, Garrett announced that it had filed for Chapter 11 bankruptcy.\n<\/p>\n<p>\nOn Monday, September 21, 2020, the New York Stock Exchange (\u201cNYSE\u201d) announced that it would commence proceedings to delist Garrett\u2019s stock from the NYSE after the Company\u2019s disclosure that it had filed for bankruptcy.\n<\/p>\n<p>\nOn this news, Garrett\u2019s stock began trading over-the-counter and closed at $1.76 per share on September 22, 2020, a 12% decline from the closing price on September 18, 2020.\n<\/p>\n<p>\nThe complaint filed alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, due to its agreement to indemnify and reimburse Honeywell for certain asbestos-related liability, Garrett was saddled with an unsustainable level of debt; (2) that, as a result, Garrett had a highly leveraged capital structure that posed significant challenges to its overall strategic and financial flexibility; (3) that, as a result of the foregoing, Garrett\u2019s ability to gain or hold market share was impaired; (4) that, as a result of the foregoing, the Company was reasonably likely to seek bankruptcy protection; and (5) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.\n<\/p>\n<p>\nFollow us for updates on Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;esheet=52333073&amp;newsitemid=20201120005235&amp;lan=en-US&amp;anchor=twitter.com%2FFRC_LAW&amp;index=5&amp;md5=b7a8e10ede2900f87e01a1ef09395ef4\">twitter.com\/FRC_LAW<\/a>.\n<\/p>\n<p>\nIf you purchased or otherwise acquired Garrett securities during the Class Period, you may move the Court no later than <b>November 24, 2020 <\/b>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to <a rel=\"nofollow\" href=\"mailto:info@frankcruzlaw.com\">info@frankcruzlaw.com<\/a>, or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52333073&amp;newsitemid=20201120005235&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=6&amp;md5=535fc2d4f6b9468f5b433d35ea232415\">www.frankcruzlaw.com<\/a>. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n<p>\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201120005235r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201120005235\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201120005235\/en\/<\/a><\/span><\/p>\n<p>\nThe Law Offices of Frank R. Cruz, Los Angeles<br \/>\n<br \/>Frank R. Cruz, 310-914-5007<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:fcruz@frankcruzlaw.com\">fcruz@frankcruzlaw.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52333073&amp;newsitemid=20201120005235&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=7&amp;md5=80ce1cdb931df5357fdbf4414c62289c\">www.frankcruzlaw.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201120005235\/en\/765953\/3\/Close_Up_Logo_HD_Blue.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Garrett Motion Inc. (GTX, GTXMQ) LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz reminds investors of the upcoming November 24, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Garrett Motion Inc. (&#8220;Garrett&#8221; or the &#8220;Company&#8221;) (NYSE: GTX, OTC: GTXMQ) securities between October 1, 2018 and September 18, 2020, inclusive (the \u201cClass Period\u201d). If you are a shareholder who suffered a loss, click here to participate. On August 26, 2020, before the market opened, the Company disclosed that its \u201cleveraged capital structure poses significant challenges to its overall strategic and financial &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-garrett-motion-inc-gtx-gtxmq\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Garrett Motion Inc. (GTX, GTXMQ)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-386085","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Garrett Motion Inc. (GTX, GTXMQ) - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-garrett-motion-inc-gtx-gtxmq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Garrett Motion Inc. (GTX, GTXMQ) - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Garrett Motion Inc. (GTX, GTXMQ) LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz reminds investors of the upcoming November 24, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Garrett Motion Inc. (&#8220;Garrett&#8221; or the &#8220;Company&#8221;) (NYSE: GTX, OTC: GTXMQ) securities between October 1, 2018 and September 18, 2020, inclusive (the \u201cClass Period\u201d). If you are a shareholder who suffered a loss, click here to participate. On August 26, 2020, before the market opened, the Company disclosed that its \u201cleveraged capital structure poses significant challenges to its overall strategic and financial &hellip; Continue reading &quot;The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Garrett Motion Inc. 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Cruz reminds investors of the upcoming November 24, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Garrett Motion Inc. (&#8220;Garrett&#8221; or the &#8220;Company&#8221;) (NYSE: GTX, OTC: GTXMQ) securities between October 1, 2018 and September 18, 2020, inclusive (the \u201cClass Period\u201d). If you are a shareholder who suffered a loss, click here to participate. On August 26, 2020, before the market opened, the Company disclosed that its \u201cleveraged capital structure poses significant challenges to its overall strategic and financial &hellip; Continue reading \"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Garrett Motion Inc. 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