New York, New York--(Newsfile Corp. - December 26, 2020) - Pomerantz LLP announces that a class action lawsuit has been filed against Raytheon Technologies Corporation f/k/a Raytheon Company ("Raytheon" or the "Company") (NYSE: RTX) and certain of its officers. The class action, filed in United States District Court for the District of Arizona, and docketed under 20-cv-00543, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Raytheon securities between February 10, 2016 and October 27, 2020, inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Raytheon securities during the Class Period, you have until December 29, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Raytheon purports to be an aerospace and defense company providing advanced systems and services for commercial, military, and government customers worldwide.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Raytheon had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) Raytheon had faulty financial accounting; (iii) as a result, Raytheon misreported its costs regarding Raytheon Company's Missiles & Defense business since 2009; (iv) as a result of the foregoing, Raytheon was at risk of increased scrutiny from the government; (v) as a result of the foregoing, Raytheon would face a criminal investigation by the U.S. Department of Justice ("DOJ"); and (vi) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
On October 27, 2020, during after-market hours, Raytheon filed its quarterly report on Form 10-Q with the US Securities and Exchange Commission for the quarter ended September 30, 2020 (the "3Q20 10-Q"). The 3Q20 10-Q announced an investigation by the DOJ into the Company.
[O]n October 8, 2020, the Company received a criminal subpoena from the DOJ seeking information and documents in connection with an investigation relating to financial accounting, internal controls over financial reporting, and cost reporting regarding Raytheon Company's Missiles & Defense business since 2009.
On this news, the price of Raytheon shares fell $4.19 per share, or approximately 7%, to close at $52.34 per share on October 28, 2020, on unusually heavy trading volume, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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