Resideo Brass Accused Of Misrepresenting Honeywell Spinoff
Law360 (July 7, 2020, 6:55 PM EDT) -- A Resideo Technologies Inc. investor filed a derivative lawsuit Tuesday in Delaware federal court alleging the company's officers misled the public about the financial ramifications of its 2018 spinoff from Honeywell, resulting in a significant stock price drop when the company's financial woes were revealed.
Jawad A. Ayaz, acting on behalf of an investor trust, filed the suit against Resideo and certain of its former and current officers asserting multiple claims, including that they breached their fiduciary duties, mismanaged the company and misrepresented the spinoff's impact.
"The negative impacts of the spin-off on Resideo were far more significant and pervasive than...
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