Recent Securities Litigations
Raytheon Technologies Corporation Common Stock (NYSE: RTX)
According to the Complaint, Raytheon Technologies Corporation purports to be an aerospace and defense company providing advanced systems and services for commercial, military, and government customers worldwide. On April 3, 2020, United Technologies Corporation and Raytheon Company completed a merger and changed the Company’s name to “Raytheon Technologies Corporation” and its common stock symbol to “RTX.” Before the merger in April 2020, Raytheon Company stock traded under the ticker symbol “RTN.”
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Raytheon had inadequate disclosure controls and procedures and internal control over financial reporting; (2) Raytheon had faulty financial accounting; (3) as a result, Raytheon misreported its costs regarding Raytheon’s Missiles & Defense business since 2009; (4) as a result of the foregoing, Raytheon was at risk of increased scrutiny from the government; (5) as a result of the foregoing, Raytheon would face a criminal investigation by the U.S. Department of Justice; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.