RTX CORPORATION
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
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.
