{"id":386359,"date":"2020-11-22T02:57:24","date_gmt":"2020-11-22T07:57:24","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=386359"},"modified":"2020-11-22T02:57:24","modified_gmt":"2020-11-22T07:57:24","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\/","title":{"rendered":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Garrett Motion Inc. of Class Action Lawsuit and Upcoming Deadline \u2013\u00a0 GTX; GTXMQ"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">NEW YORK, Nov.  22, 2020  (GLOBE NEWSWIRE) &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Garrett Motion Inc. \u00a0(\u201cGarrett\u201d or the \u201cCompany\u201d) (NYSE: GTX; OCTMKTS: GTXMQ).\u00a0\u00a0 The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-09279, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Garrett securities between October 1, 2018 and September 18, 2020, inclusive (the \u201cClass Period\u201d).\u00a0 Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d).<\/p>\n<p align=\"justify\">If you are a shareholder who purchased Garrett securities during the class period, you have until November 24, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.\u00a0 A copy of the Complaint can be obtained at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=cs6zoj1PapPdeK4Ug98Wf_Upk1UKmd_4fpXnqs6JVbTC--KLmeoCnDTJy0dsPcrWNI6t1IQZ242ZuBPNv8AxkPGtG1oHRFUpwtjrBUVan1o=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.pomerantzlaw.com<\/u><\/a>. \u00a0 To discuss this action, contact Robert S. Willoughby at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=FOR99rraq4dUFz8fZwTw0MO3dcWhQQrduaRe8kFIVCI0B4MSzwOcY3ngbE8r24R-fKjQWaXCb0wV4BnebhTZDkZ8u-hdRjVvnc8sqt9sB7Y=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>newaction@pomlaw.com<\/u><\/a> or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.\u00a0<\/p>\n<p align=\"center\">\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=XaQ_2efehMRaifcC8VyeDGICRJdQ3Pt4QjcSG_71WfVRq3MQ_s_at4T4FlRiglckxSEJrkQjKYkBXKUwM_2U-NyCHhZ01bRQWKEmvUZlzNsdiaHY3_Rp3zw7eocnsOFmtK4GPNaezCqVqwnnrJXteg4XMgZ5yeTE05DBLHE3xm4VD541l0b5jSV1tFDxHoN0\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/>\n          <strong><br \/>\n            <u>[Click here for information about joining the class action]<\/u><br \/>\n          <\/strong><br \/>\n        <\/a>\n      <\/p>\n<p align=\"justify\">Garrett designs, manufactures, and sells turbocharger, electric-boosting, and connected vehicle technologies for original equipment manufacturers and the aftermarket.\u00a0 In October 2018, the Company formed as a spin-off of the Transportation Systems business of Honeywell International Inc. (\u201cHoneywell\u201d).<\/p>\n<p align=\"justify\">The complaint 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.\u00a0 Specifically, Defendants failed to disclose to investors that: (i) because of Garrett\u2019s agreement to indemnify and reimburse Honeywell for certain asbestos-related liability, the Company was saddled with an unsustainable level of debt; (ii) as a result, Garrett had a highly leveraged capital structure that posed significant challenges to its overall strategic and financial flexibility; (iii) as a result of the foregoing, Garrett\u2019s ability to gain or hold market share was impaired; (iv) as a result of the foregoing, the Company was reasonably likely to seek bankruptcy protection; and (v) 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.<\/p>\n<p align=\"justify\">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 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\u00a0 Garrett 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<\/p>\n<p align=\"justify\">On this news, Garrett\u2019s stock price fell $3.04 per share, or over 44%, to close at $3.84 per share on August 26, 2020, thereby damaging investors.<\/p>\n<p align=\"justify\">On Sunday, September 20, 2020, Garrett announced that it had filed for Chapter 11 bankruptcy.<\/p>\n<p align=\"justify\">On 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.<\/p>\n<p align=\"justify\">On this news, Garrett\u2019s stock began trading over-the-counter and closed at $1.76 per share on September 22, 2020, and over 12% decline from the closing price on September 18, 2020.<\/p>\n<p align=\"justify\">The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=cs6zoj1PapPdeK4Ug98Wf0E7mPCM5OWahFUJktTcZL22IDblAst7Ct39HDe-miG8flY70rdMnWF3fILYgc4NOwWJk2sIe_mS1Y55Gui3pus=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.pomerantzlaw.com<\/u><\/a>.<\/p>\n<p align=\"justify\">\n        <strong>CONTACT:<br \/><\/strong>Robert S. Willoughby<br \/>Pomerantz LLP<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=94wFVNRldSHTDpRPXU9CsiBtqoKoeR7mtrHxaV4tU6qLbKRCyF8UmnqaiR0pVqeDJIWBWsbD0l1FQ_6HurBJA1ROQwlz44fzGd0ij8hHcLA=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>rswilloughby@pomlaw.com<\/u><\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ATdAMUlPhbJhiJuTiKIWcKzybM-4mn-K2xuTUDhhVbV4XiSz3RwpTviwAIfiQPsZvQOdXVuOG758iCCftR1khw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/><\/a>888-476-6529 ext. 7980<\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MDMzNiMzODM4ODY5IzIwMTc2NDQ=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/2a3c9637-137e-4460-a174-cbb1398d86aa\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Garrett Motion Inc. \u00a0(\u201cGarrett\u201d or the \u201cCompany\u201d) (NYSE: GTX; OCTMKTS: GTXMQ).\u00a0\u00a0 The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-09279, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Garrett securities between October 1, 2018 and September 18, 2020, inclusive (the \u201cClass Period\u201d).\u00a0 Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). If you are a shareholder who purchased Garrett securities during the class period, you have until November 24, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Garrett Motion Inc. of Class Action Lawsuit and Upcoming Deadline \u2013\u00a0 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-386359","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>SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Garrett Motion Inc. of Class Action Lawsuit and Upcoming Deadline \u2013\u00a0 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\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Garrett Motion Inc. of Class Action Lawsuit and Upcoming Deadline \u2013\u00a0 GTX; GTXMQ - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Garrett Motion Inc. \u00a0(\u201cGarrett\u201d or the \u201cCompany\u201d) (NYSE: GTX; OCTMKTS: GTXMQ).\u00a0\u00a0 The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-09279, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Garrett securities between October 1, 2018 and September 18, 2020, inclusive (the \u201cClass Period\u201d).\u00a0 Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). If you are a shareholder who purchased Garrett securities during the class period, you have until November 24, &hellip; Continue reading &quot;SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Garrett Motion Inc. of Class Action Lawsuit and Upcoming Deadline \u2013\u00a0 GTX; GTXMQ&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-22T07:57:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MDMzNiMzODM4ODY5IzIwMTc2NDQ=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Garrett Motion Inc. of Class Action Lawsuit and Upcoming Deadline \u2013\u00a0 GTX; 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GTXMQ - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\/","og_locale":"en_US","og_type":"article","og_title":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Garrett Motion Inc. of Class Action Lawsuit and Upcoming Deadline \u2013\u00a0 GTX; GTXMQ - Market Newsdesk","og_description":"NEW YORK, Nov. 22, 2020 (GLOBE NEWSWIRE) &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Garrett Motion Inc. \u00a0(\u201cGarrett\u201d or the \u201cCompany\u201d) (NYSE: GTX; OCTMKTS: GTXMQ).\u00a0\u00a0 The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-09279, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Garrett securities between October 1, 2018 and September 18, 2020, inclusive (the \u201cClass Period\u201d).\u00a0 Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). If you are a shareholder who purchased Garrett securities during the class period, you have until November 24, &hellip; Continue reading \"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Garrett Motion Inc. of Class Action Lawsuit and Upcoming Deadline \u2013\u00a0 GTX; GTXMQ\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-22T07:57:24+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MDMzNiMzODM4ODY5IzIwMTc2NDQ=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-garrett-motion-inc-of-class-action-lawsuit-and-upcoming-deadline-gtx-gtxmq-4\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Garrett Motion Inc. of Class Action Lawsuit and Upcoming Deadline \u2013\u00a0 GTX; 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