LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased United Technologies Corporation (“United Technologies” or the “Company”) (NYSE: UTX) securities between April 21, 2015 and July 20, 2015, inclusive (the “Class Period”). United Technologies investors have until July 11, 2017 to file a lead plaintiff motion.
Investors suffering losses on their United Technologies investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On July 21, 2015, United Technologies slashed its 2015 earnings forecast, citing weak performances by the Company's UTC Aerospace Systems ("UTAS") and Otis Elevator Co. ("Otis") units. United Technologies informed investors that its expectations related to UTAS and Otis were "way too aggressive" and that the Company failed to "dig deep enough" when formalizing the guidance.
On this news, United Technologies’ share price fell more than 7% on July 21, 2015, thereby injuring investors.
According to the complaint filed in this class action lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that United Technologies’ earnings forecast relied on planning assumptions for its UTC Aerospace Systems (“UTAS”) and Otis Elevator Co. (“Otis”) units that were not fully scrutinized and were far too aggressive. On July 21, 2015, United Technologies cut its 2015 earnings guidance due to weak performance by the UTAS and Otis units. On this news, shares of United Technologies fell $7.77 per share or over 7% to close at $102.71 per share on July 21, 2015, damaging investors.
If you purchased shares of United Technologies during the Class Period you may move the Court no later than July 11, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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