Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises RTX Corporation f/k/a Raytheon Technologies Corporation (“RTX” or the “Company”) (NYSE: RTX) investors that a lawsuit filed on behalf of investors that purchased Rain securities between February 8, 2021 and July 25, 2023, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The Complaint alleges that during the Class Period, the Defendants were involved in making significantly untrue and deceptive statements. Notably, they neglected to disclose to investors that RTX's geared turbofan ("GTF") engines had been grappling with a quality control problem since at least 2015. This issue would necessitate RTX to initiate a recall and inspection process for a considerable number of its GTF aircraft engines. This action had a substantial impact on customers and had adverse effects on RTX's business.
On July 25, 2023, Reuters published an article titled "RTX shares plummet due to Pratt & Whitney airliner engine issue." The article reported that more than 1,000 GTF engines needed to be removed from Airbus planes and subjected to microscopic crack inspections. Additionally, Reuters revealed that RTX had revised its 2023 cash-flow forecast downward by $500 million to $4.3 billion, attributing this adjustment to the ongoing inspections.
As a result of this news, RTX's stock price declined by $9.91 per share, representing a 10.2% decrease, ultimately closing at $87.10 on July 25, 2023.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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