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Raytheon Technologies Corporation Class Action Lawsuit

27 days left to seek lead plaintiff status

Case Summary

Company Name
Raytheon Technologies Corporation
Stock Symbol
RTN; RTX
Class Period
February 10, 2016 to October 27, 2020
Motion Deadline
December 29, 2020
Court
District of Arizona

The Raytheon Technologies Corporation class action lawsuit charges Raytheon Technologies and certain of its senior executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Raytheon Technologies securities between February 10, 2016 and October 27, 2020, inclusive (the “Class Period”).  The Raytheon Technologies class action lawsuit was commenced on October 30, 2020 in the District of Arizona and is captioned Bajjuri v. Raytheon Technologies Corp., No. 20-cv-00468.  The case is assigned to Judge James A. Soto.

Raytheon Technologies, f/k/a Raytheon Company, is an aerospace and defense company that provides advanced systems and services for commercial, military, and government customers worldwide.

The Raytheon Technologies class action lawsuit alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) Raytheon Technologies had inadequate disclosure controls and procedures and internal control over financial reporting; (2) Raytheon Technologies had faulty financial accounting; (3) as a result, Raytheon Technologies had been misreporting its costs regarding its Missiles & Defense business since 2009; (4) as a result of the foregoing, Raytheon Technologies was at risk of increased scrutiny from the government; (5) as a result of the foregoing, Raytheon Technologies would face a criminal investigation by the U.S. Department of Justice (“DOJ”); and (6) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.

On October 27, 2020, after market hours, Raytheon Technologies filed its quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2020 and announced that “[o]n October 8, 2020, Raytheon Technologies received a criminal subpoena from the DOJ seeking information and documents in connection with an investigation relating to financial accounting, internal controls over financial reporting, and cost reporting regarding Raytheon Company’s Missiles & Defense business since 2009.”  On this news, the price of Raytheon Technologies shares fell $4.19 per share, or 7%, to close at $52.34 per share on October 28, 2020, on unusually heavy trading volume, damaging investors.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Raytheon Technologies securities during the Class Period to seek appointment as lead plaintiff in the Raytheon Technologies class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Raytheon Technologies class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Raytheon Technologies class action lawsuit.  An investor’s ability to share in any potential future recovery of the Raytheon Technologies class action lawsuit is not dependent upon serving as lead plaintiff.  If you wish to serve as lead plaintiff of the Raytheon Technologies class action lawsuit or have questions concerning your rights regarding the Raytheon Technologies class action lawsuit, please provide your information here or contact counsel, Jennifer Caringal of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at jcaringal@rgrdlaw.com.  Lead plaintiff motions for the Raytheon Technologies class action lawsuit must be filed with the court no later than December 29, 2020.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation.  With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history.  For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements.  Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims.  Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide.  Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.

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