NEW YORK, July 26, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of RTX Corp. f/k/a Raytheon Technologies Corp. (“RTX” or the “Company”) (NYSE: RTX). Click Here to Join Investigation.
If you would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003, or click here.
On July 25, 2023, RTX issued a press release reporting its Q2 2023 results. The press release included an update on its Pratt & Whitney fleet. The Company stated, “Pratt & Whitney has determined that a rare condition in powdered metal used to manufacture certain engine parts will require accelerated fleet inspection.” Additionally, the Company stated that “[a]s a result, the business anticipates that a significant portion of the PW1100G-JM engine fleet, which powers the A320neo, will require accelerated removals and inspections within the next nine to twelve months, including approximately 200 accelerated removals by mid-September of this year.”
Also, on July 25, during the conference call that followed, the Company disclosed that “[t]his was an issue that we first uncovered back in 2020,” and that as the inspections ramp up the issue is expected to reduce free cash flow by $500 million compared to the Company’s prior outlook.
Following this news, the price of RTX's stock fell by $9.19 per share, or 10.22%, to close at $87.10 on July 25, 2023 on heavy trading volume.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you have any questions about this investigation, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
