Raytheon Technologies Corporation Class Action Lawsuit
- Company Name
- Raytheon Technologies Corporation
- Stock Symbol
- RTN; RTX
- Class Period
- February 10, 2016 to October 27, 2020
- 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.
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