NEW YORK, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers of the securities of RTX Corp. f/k/a Raytheon Technologies Corp. (“RTX” or the “Company”) (NYSE: RTX) between February 8, 2021 and July 25, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired RTX securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than October 2, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
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.
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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
