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RTX.US
id: 796, Created by Stan Vick, Scout
RTX Corporation (RTX) Quality Control Case
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D. Connecticut
Court3:23-cv-01035
Case number- Reuters released an article about RTX over Pratt & Whitney airliner engine problem.
- $RTX fell 10.2%, losing $14.4 billion of its market cap.
- Investors suspect RTX failed to disclose GTF engines had been affected by quality control issues, affecting customers and harming its business.
On July 25, 2023, Reuters released an article entitled “RTX shares tumble on Pratt & Whitney airliner engine problem.”
On this news, $RTX fell 10.2%, losing $14.4 billion of its market cap.
Investors have reasons to suspect RTX & Accountables of negligence and failing to disclose GTF engines had been affected by quality control issues, and would require RTX to recall & reinspect many of its GTF engines, affecting customers and harming its business.
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
25 July 2023
Filing date
03 August 2023
Lead Plaintiff Deadline
02 October 2023
Judge
Hon. Jeffrey A. Meyer
Collecting participants…
Case history
Polina Foster
02 October 2023
Pension Fund Sues Raytheon (RTX)
- The New England Teamsters Pension Fund accused $RTX executives, formerly known as Raytheon, of making "false and deceptive" statements in their annual reports regarding the reliability and fuel efficiency of Pratt & Whitney jet engines.
- These alleged actions resulted in shareholders losses totaling billions of dollars.