SAN FRANCISCO, Sept. 30, 2023 (GLOBE NEWSWIRE) — Hagens Berman urges RTX Corporation f/k/a Raytheon Technologies Corporation (NYSE: RTX) investors who suffered substantial losses to submit your losses now. The Firm also encourages persons with knowledge that might assist the investigation to contact its attorneys.
Class Period: Feb. 8, 2021 – Sept. 8, 2023
Lead Plaintiff Deadline: Oct. 2, 2023
Visit: www.hbsslaw.com/investor-fraud/rtx
Contact An Attorney Now: RTX@hbsslaw.com
844-916-0895
RTX Corporation (RTX) Securities Fraud Class Action:
The litigation focuses on RTX’s disclosures about its manufacturing quality controls within its Pratt & Whitney engine program.
The complaint alleges that RTX made false or misleading statements and failed to disclose that: (1) its engines had been affected from at least 2015 – 2020 by a quality control issue; and (2) this issue would require RTX to recall and reinspect many engines, affecting its customers and harming its business.
Investors learned the truth on July 25, 2023, when Reuters reported that contamination in the metal used to manufacture the Pratt & Whitney engine parts meant that 1,200 of the more than 3,000 engines built of the twin-engine Airbus A320neo between 2015 and 2021 must be removed and inspected for micro cracks.
The same day, RTX reduced its 2023 free cash flow guidance by about $500 million (or about 10%) and blamed this on “recent” findings of contamination in the metal used to make its Pratt & Whitney engine parts that would require potentially hundreds of accelerated engine inspections.
During the earnings call, management revealed “[i]t’s going to be expensive” and “[t]his is an issue that we first uncovered back in 2020 when we had an incident with the V2500 turbine disc.”
On Sept. 11, 2023, RTX announced that approximately 600 to 700 engines would be removed for shop visits, it would incur a $3 billion pre-tax charge during Q3 2023, and it cut its full-year sales outlook.
These events sent the price of RTX shares significantly lower.
“We’re focused on investors’ losses and proving RTX misled investors about its manufacturing quality controls and, recently, its claim to have remediated the contamination issue in 2021,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in RTX Corporation and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the RTX case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding RTX Corporation should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email RTX@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
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