NEWTOWN, Pa., Oct. 11, 2023 (GLOBE NEWSWIRE) — The law firm of Edelson Lechtzin LLP is investigating potential breach of fiduciary duty claims on behalf of current holders of RTX Corporation f/k/a Raytheon Technologies Corporation (“RTX”) (NYSE: RTX) common stock who acquired their shares between February 8, 2021, and July 25, 2023, inclusive.
Current holders of RTX stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at elechtzin@edelson-law.com. For more information, click HERE.
Background on RTX Corporation (f/k/a Raytheon Technologies Corporation)
RTX Corporation is a multinational conglomerate that specializes in aerospace and defense. Headquartered in Arlington, Virginia, it is one of the world’s largest manufacturers in the industry in terms of both revenue and market capitalization. One of RTX’s principal business segments, Pratt & Whitney, produces the PW1000G Geared Turbofan (“GTF”) engine family, which is currently the subject of shareholder litigation.
The Claims
It is alleged that RTX and its senior officers made materially false and/or misleading statements and/or omissions regarding RTX’s business, operations, and prospects, including that: (i) the GTF engines had been affected from at least 2015-2020 by a significant quality control issue; (ii) this quality control issue would require RTX to recall and reinspect many of its GTF-equipped airplanes, affecting customers and harming its business.
On July 25, 2023, Reuters released an article discussing how RTX stock had dropped on the news that “more than 1,000 [GTF] engines must [be] removed from Airbus planes and checked for microscopic cracks.” On this news, RTX’s share price fell $9.91 per share, or 10.2%, to close at $87.10 on July 25, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
