NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in United Technologies Corporation (“United Technologies ” or the “Company”) (NYSE:UTX) of the July 11, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in United Technologies stock or options between April 21, 2015 and July 20, 2015 and would like to discuss your legal rights, click here: www.faruqilaw.com/UTX. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased United Technologies securities between April 21, 2015 and July 20, 2015 (the “Class Period”). The case, FRANKFURT-TRUST Investment Luxemburg AG v. United Technologies Corporation et al, No. 17-cv-03570 was filed on May 12, 2017, and has been assigned to Judge John G. Koeltl.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misleading investors by making overly aggressive assumptions about the performance capabilities of two business units when announcing earnings guidance for fiscal year 2015.
Specifically, on April 21, 2015, United Technologies announced its first-quarter 2015 financial results, affirming its earnings forecast range of $6.85 to $7.05 per share. The Company did so by claiming that its aerospace part manufacturing unit, UTAS, and its elevator manufacturing unit, Otis, would perform as expected earlier in the year.
Then on July 21, 2015, United Technologies cut its 2015 earnings guidance to a range of $6.15 and $6.30 per share. On an earning class on the same day, CEO Gregory J. Hayes stated that their assumptions about the performance of UTAS and OTIS had been “way too aggressive” and had lacked a “strong basis.”
After the announcement, United Technologies’ share price fell from $110.48 per share on July 20, 2015 to a closing price of $102.71 on July 21, 2015—a $7.77 or a 7.03% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding United Technologies’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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