Textron Escapes Investor Suit Over Arctic Cat Buy

Law360 (July 20, 2020, 10:56 PM EDT) -- Textron Inc. slipped a proposed securities class action Monday after a New York federal judge found that its shareholders hadn't properly alleged a single misrepresentation regarding Textron's purchase of a snowmobile company in 2017.

The investors had contended that aviation and recreational vehicle company Textron misled them about the integration, inventory, expected performance and goodwill of its new acquisition, Arctic Cat, artificially inflating Textron's share prices in the process.

But U.S. District Judge Denise Cote disagreed with the shareholders on all counts Monday, granting the dismissal motion in its entirety and closing the case.

She found that Textron's public comments on...

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