Textron Off Hook In Shareholder Class Action

Law360, New York (August 24, 2011, 5:25 PM EDT) -- A Rhode Island federal judge on Wednesday dismissed a securities class action against defense contractor Textron Inc., saying investors could not prove the company knowingly made misleading statements about its financial health ahead of a 2008 stock plunge.

U.S. District Judge Paul Barbadoro tossed the suit brought by seven retirement funds against Providence, R.I.-based Textron, which makes military aircraft and transport vehicles, CEO Lewis B. Campbell and five other executives. The plaintiffs alleged the company omitted key information about its financial health in comments to investors...
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