Labaton Sucharow LLP (“Labaton Sucharow”) announces that, on September 28, 2023, it filed a securities class action lawsuit (the “Complaint”) on behalf of its client New England Teamsters Pension Fund (“New England Teamsters”) against RTX Corporation (“RTX” or the “Company”) (NYSE: RTX) and certain RTX officers (collectively, “Defendants”). The action, which is captioned New England Teamsters Pension Fund v. RTX Corporation, No. 3:23-cv-1274 (D. Conn.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder, on behalf of all persons or entities who purchased or otherwise acquired RTX securities between February 8, 2021 and September 8, 2023, inclusive (the “Class Period”).
The Complaint expands upon the related action against RTX captioned Peneycad v. RTX Corporation, No. 23-cv-01035 (D. Conn. Aug. 3, 2023) (the “First Filed Complaint”) by extending the initial class period, from February 8, 2021 to July 25, 2023 in the First Filed Complaint to February 8, 2021 to September 8, 2023 in the newly filed Complaint.
Pursuant to the notice published on August 3, 2023, in connection with the filing of the First Filed Complaint, as required by the Private Securities Litigation Reform Act of 1995, investors wishing to serve as Lead Plaintiff in these related securities actions pending against RTX are required to file a motion for appointment as Lead Plaintiff by no later than October 2, 2023.
Defendant RTX purports to be “an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide.” RTX has four principal business segments including, pertinent to this action, Pratt & Whitney (“Pratt & Whitney” or “Pratt”). The Company describes Pratt & Whitney as “among the world’s leading suppliers of aircraft engines for commercial, military, business jet and general aviation customers.”
During the Class Period, Defendants made false and/or misleading statements in connection with Pratt & Whitney’s production of Geared Turbofan (“GTF”) airplane engines. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the GTF engines had been affected from at least 2015-2020 by a quality control issue; (2) this quality control issue would require RTX to recall and reinspect many of its GTF airplanes, affecting customers and harming its business; and as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
These failures, false representations, and other undisclosed issues were later revealed to the market through public disclosures in July and September of 2023, when investors began to learn about defects in the GTF engines which would require RTX to engage in costly inspection and maintenance. These revelations culminated on September 11, 2023 when RTX more fully revealed the liabilities it was facing, including costs that would result in a profit cut of up to $3.5 billion.
If you purchased or acquired RTX securities during the Class Period and were damaged thereby, you are a member of the “Class” and may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed no later than October 2, 2023. The Lead Plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as Lead Plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as Lead Plaintiff or have any questions about this lawsuit, you may contact Francis P. McConville, Esq. of Labaton Sucharow, at (212) 907-0650, or via email at fmcconville@labaton.com. You can view a copy of the Complaint online at URL.
Plaintiff New England Teamsters is represented by Labaton Sucharow, which represents many of the largest pension funds in the United States and internationally with combined assets under management of more than $3.5 trillion. Labaton Sucharow’s litigation reputation is built on its more than half a century of securities litigation experience, over seventy full-time attorneys, and in-house team of investigators, financial analysts, and forensic accountants. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at www.labaton.com.
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