RTX Corporation (RTX) Misled Investors Regarding the GTF Engines’ Quality Control Issues
A shareholder filed a class action against RTX Corporation (NYSE: RTX) on behalf of persons who purchased or otherwise acquired publicly traded RTX securities between February 8, 2021 and July 25, 2023. RTX purports to be “an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide.” One of its four primary business segments is Pratt & Whitney, described as “among the world’s leading suppliers of aircraft engines for commercial, military, business jet and general aviation customers.”
According to the complaint, during the class period, 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, Reuters released 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.
What Now: Similarly situated shareholders may be eligible to participate in the class action against RTX Corporation. Shareholders who want to act as lead plaintiff for the class must file their motion for lead plaintiff by October 2, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
