SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of RTX Corporation f/k/a Raytheon Technologies Corporation (NYSE: RTX) publicly traded securities between February 8, 2021 and July 25, 2023, inclusive (the “Class Period”) have until October 2, 2023 to seek appointment as lead plaintiff of the RTX class action lawsuit. Captioned Peneycad v. RTX Corporation f/k/a Raytheon Technologies Corporation, No. 23-cv-01035 (D. Conn.), the RTX class action lawsuit charges RTX as well as certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the RTX class action lawsuit, please provide your information here:
CASE ALLEGATIONS: RTX purports to be “an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide.” One of RTX’s four principal business segments, Pratt & Whitney, produces the PW1000G Geared Turbofan (“GTF”) engine family.
The RTX class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the GTF engines had been affected from at least 2015-2020 by a quality control issue; and (ii) this quality control issue would require RTX to recall and reinspect many of its GTF airplanes, affecting customers and harming its business.
On July 25, 2023, Reuters released an article entitled “RTX shares tumble on Pratt & Whitney airliner engine problem,” which reported that “more than 1,000 [GTF] engines must [be] removed from Airbus planes and checked for microscopic cracks.” Reuters further reported that “RTX said it was reducing its 2023 cash-flow forecast by $500 million to $4.3 billion due to the inspections.” On this news, the price of RTX shares declined by more than 10%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired RTX publicly traded securities during the Class Period to seek appointment as lead plaintiff of the RTX class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the RTX class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the RTX class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the RTX class action lawsuit.
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