Court: Positive Outlook Doesn’t Outweigh Disclosures In Asbestos Securities Class

(April 18, 2024, 2:53 PM EDT) -- NEW YORK — Even while putting a positive spin on Garrett Motion Inc.’s future, the company repeatedly warned investors about the dire financial situation posed by the asbestos-related liabilities it acquired in its spinoff from Honeywell International Inc., and the company was unlikely to believe it could mislead the market given the public nature of its information, the Second Circuit U.S. Court of Appeals said April 17 in affirming dismissal of a securities class action....