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The Complaint alleges that during the Class Period, the Defendants were involved in making significantly untrue and deceptive statements. Notably, they neglected to disclose to investors that RTX’s geared turbofan (“GTF”) engines had been grappling with a quality control problem since at least 2015. This issue would necessitate RTX to initiate a recall and inspection process for a considerable number of its GTF aircraft engines. This action had a substantial impact on customers and had adverse effects on RTX’s business.
On July 25, 2023, Reuters published an article titled “RTX shares plummet due to Pratt & Whitney airliner engine issue.” The article reported that more than 1,000 GTF engines needed to be removed from Airbus planes and subjected to microscopic crack inspections. Additionally, Reuters revealed that RTX had revised its 2023 cash-flow forecast downward by $500 million to $4.3 billion, attributing this adjustment to the ongoing inspections.
As a result of this news, RTX’s stock price declined by $9.91 per share, representing a 10.2% decrease, ultimately closing at $87.10 on July 25, 2023.