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CLASS ACTION UPDATE for HON, FIT and SYF: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders
Globe Newswire 10-Dec-2018 5:20 PM
NEW YORK, Dec. 10, 2018 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.
The lawsuit alleges: Honeywell International Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) Honeywell's Bendix Friction Materials ("Bendix") asbestos-related liability was greater than initially reported; (2) the Company maintained improper accounting practices in connection with its Bendix asbestos-related liability; and (3) as a result, Honeywell's public statements were materially false and misleading at all relevant times.
Honeywell previously owned Bendix, which used asbestos in its brake- and clutch-pad products until 2001; the Company sold Bendix in 2014. On August 23, 2018, Honeywell announced it had "revised its method for reasonably estimating its liability for unasserted Bendix asbestos-related claims by considering the epidemiological projections through 2059 of future incidence of Bendix asbestos-related disease. Using this method, the Company's Bendix asbestos-related liability is estimated to be $1,693 million as of June 30, 2018. This is $1,083 million higher than the Company's prior estimation which applied a five-year horizon when estimating the liability for unasserted Bendix asbestos-related claims. The Bendix asbestos-related insurance assets are estimated to be $187 million as of June 30, 2018, which is $65 million higher than the Company's prior estimate."
To learn more about the Honeywell International Inc. class action contact jlevi@levikorsinsky.com.
The lawsuit alleges that, during the class period, Fitbit Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) the company was struggling to transition its mission and differentiate itself from Apple Inc. and other competitors; (2) as such, the Company was experiencing increased competition; (3) as a result, demand and sell-through for the Company's existing and new products were being negatively impacted; (4) as a result, the Company's sales and financial results were weakening, and growth was slowing; (5) the Company's financial guidance was overstated; and (6) as a result of the foregoing, Defendants' statements during the Class Period about Fitbit's business, operations, financial results and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
The complaint alleges that during the Class Period, Synchrony falsely represented that its consistent and disciplined underwriting practices had led to a higher quality loan portfolio than those of its competitors. In truth, Synchrony relaxed its underwriting standards and increasingly offered private-label credit cards to riskier borrowers to sustain growth. The truth about Synchrony's credit standards began to be revealed on April 28, 2017, when the Company announced disappointing first quarter 2017 earnings driven by poor loan performance. Following this disclosure, the Company represented that it had tightened credit standards, but falsely characterized those underwriting changes as modest. In fact, the Company had made significant modifications to its underwriting policies, but concealed that these modifications were damaging its relationships with its retail partners, including Walmart.
You have until the lead plaintiff deadlines to request the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. 55 Broadway, 10th Floor New York, NY 10006 jlevi@levikorsinsky.com Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
