NEW YORK, Sept. 25, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Garrett Motion Inc. ("Garrett" or the "Company") (OTCMKTS: GTXMQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Garrett and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 26, 2020, Garrett Motion issued a press release entitled "Garrett Motion Exploring Alternatives For Balance Sheet Restructuring." The press release advised investors that notwithstanding its entry, on June 12, 2020, "into an amendment into its credit agreement to obtain relief from certain financial covenants," the Company's "leverage ratio remains high" and "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."
On this news, Garrett Motion's stock price fell $3.04 per share, or 44%, to close at $3.84 on August 26, 2020.
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 www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP