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Automotive Industries Pension Trust Fund v. Textron Inc.; Lewis B. Campbell; Ted R. French

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Before Boudin, Circuit Judge, Souter, *fn1 Associate Justice, and Thompson, Circuit Judge.

This appeal arises from a securities fraud class action against Textron, Inc. (“Textron”) and several of its senior officers. The relevant Textron businesses are Cessna Aircraft Company (“Cessna”), a wholly owned subsidiary accounting for approximately 40 percent of Textron’s 2008 revenues, Textron Financial Corporation (“TFC”), which finances Textron’s various ventures, and TFC’s dedicated Cessna Finance arm. Lewis B. Campbell was President and CEO of Textron, and chaired its board; Ted R. French and Buell J. Carter were senior executives and Douglas Wilburne headed investor relations.*fn2

Over the course of 2007 and 2008, on the edge and outset of the recession, Textron made public statements assuring its investors of the strength and depth of the backlog of orders at Cessna, which Textron represented would help carry it through difficult economic times. In July and October 2007, and January, July and November 2008, Textron reported record levels of “aircraft and defense” backlog. Campbell and Wilburne also assured investors that Cessna did not permit customers to sell delivery positions, that is, the customer’s priority in receiving ordered aircraft.

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