The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Connecticut on behalf of those who acquired RTX Corporation (“RTX” or the “Company”) (NYSE: RTX) securities during the period from February 8, 2021 through July 25, 2023 (the “Class Period”). Investors have until October 2, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
RTX Corporation operates as an aircraft manufacturing company.
On July 25, 2023, the Company reported its Q2 earnings which disclosed a “condition” in its Pratt & Whitney jet engine unit. 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.” The Company expects a sizable portion of the PW1100G-JM engine fleet will require accelerated removals and inspection within the next nine to twelve months. On this news, the price of RTX shares declined by $9.91 per share, or approximately 10.22%, from $97.01 per share to close at $87.10 on July 25, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the GTF engines had been affected from at least 2015-2020 by a quality control issue; and (ii) this quality control issue would require RTX to recall and reinspect many of its GTF airplanes, affecting customers and harming its business.
If you purchased or otherwise acquired RTX securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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