NEW YORK, Sept. 29, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Connecticut on behalf of all persons or entities who purchased or otherwise acquired RTX Corporation (“RTX” or the “Company”) (NYSE: RTX) securities between February 8, 2021 and July 25, 2023, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
The Complaint alleges that Defendants failed to disclose that: (1) the GTF engines produced by Pratt & Whitney had been affected from at least 2015-2020 by a quality control issue; and (2) this quality control issue would require RTX to recall and reinspect many of its GTF airplanes, affecting customers, and harming its business. On July 25, 2023,Reutersreleased an article entitled “RTX shares tumble on Pratt & Whitney airliner engine problem.” On this news, RTX’s share price fell $9.91 per share, or 10.2%, to close at $87.10 on July 25, 2023.
Investors who purchased or otherwise acquired shares of RTX should contact the Firm prior to the October 2, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
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