Textron employee sues Providence company over stock losses
3:25 PM Fri, Sep 04, 2009 | Permalink
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A Georgia woman has filed a potential class-action lawsuit against Textron Inc. (TXT:NYSE) seeking to regain money she and other employees of the Providence conglomerate lost in their company savings plan, according to federal court documents. Holly G. Sheets, who is listed in court documents as a one-time participant in the Textron Savings Plan, claims that the advisers who managed the plan should not have invested employee contributions in the company's stock at a time when it was losing value. The plan's assets were held in trust by Fidelity Management Trust Company. The lawsuit hinges on what Sheets claims were Textron's "misrepresentations" and failures to disclose that a backlog in its Cessna aircraft unit relied on orders from customers who didn't have the money to pay for them. She also claims Textron's deteriorating financial condition made buying its stock "an excessively risky investment for retirement assets." Shares of Textron where trading at nearly $58 on July 17, 2007 -- the beginning point for the period covered in the lawsuit -- and now trade just above $17. At one point in March 2009, Textron shares closed at just $3.75. Sheets is asking a U.S. District Court judge in Providence to force Textron to put enough money into the savings plan to cover the losses due to the drop in calue of the company's stock. 
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Isn't this what playing the stock market is all about? If it paid big would she be complaining she made to much money and the company should take some back? Everyone has lost money due to recent bad times, some devastating.
Why do we assume we can sue someone else, for what comes down to a bad decision we made to leave our money there and not move it somewhere safer, ie very low interest saving? you gamble with your money, sometimes you win, sometimes you lose, live with it!!
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WHAT do most reasonably intelligent adults do before they invest in shares of stock? RESEARCH!?
Trading in stock, brokers warn us, comprises risk. Ms. Sheets should have sensed that Cessna--a luxury product, if ever there was one--didn't have a sound future in our depressed economy.
She must have had access to basic on-line investment research services and/or from the investment advisory columns in any daily newspaper. And what about shred of insider information, since she worked for Textron? Who, after all, FORCED her to make this investment? Nobody, from what I can tell.
This kind of whiny attitude--"I'm special; didn't know what I was doing; bail me out."--is truly pathetic, since millions of Americans have already lost trillions on Wall Street.
This hand-wringing reaction has now become all-too-typical. I'm guessing--hoping!--that most other Textron employees will have too much personal pride to wallow, with Ms. Sheets, in this class action charade.
LEARN from this, Ms. Sheets, so you won't repeat your clueless performance next time. Try locating an evening class in Basic Investments and SIGN UP; you'll probably discover that your fellow class members share your misery in some sad fashion. Make it group therapy.
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I am a textron stock holder with about 7,000 shares and I lost about 92% of my retirement (Which I am to retire in 3 1/2 years) But the benefit was that I had the oppurtunity to buy shares at 3.00 and something a share for a month!!!!! Stock market is always a risk. Why don't Ms. Sheets cry get it off her chest and face reality!!!! WE ARE ALL IN A RECESSION HERE!!!!
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I am a textron stock holder with about 7,000 shares and I lost about 92% of my retirement (Which I am to retire in 3 1/2 years) But the benefit was that I had the oppurtunity to buy shares at 3.00 and something a share for a month!!!!! Stock market is always a risk. Why don't Ms. Sheets cry get it off her chest and face reality!!!! WE ARE ALL IN A RECESSION HERE!!!!
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I am a textron stock holder with about 7,000 shares and I lost about 92% of my retirement (Which I am to retire in 3 1/2 years) But the benefit was that I had the oppurtunity to buy shares at 3.00 and something a share for a month!!!!! Stock market is always a risk. Why don't Ms. Sheets cry get it off her chest and face reality!!!! WE ARE ALL IN A RECESSION HERE!!!!
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