RADNOR, PA / ACCESSWIRE / November 20, 2020 / The law firm of Kessler Topaz Meltzer & Check, LLP reminds that an investor securities fraud class action lawsuit has been filed against Raytheon Technologies Corporation f/k/a Raytheon Company (NYSE:RTX, RTN) ("Raytheon") on behalf of those who purchased or otherwise acquired Raytheon securities between February 10, 2016, and October 27, 2020, inclusive (the "Class Period").
Raytheon investors who purchased or otherwise acquired Raytheon securities during the Class Period may, no later than December 29, 2020, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please click https://www.ktmc.com/new-cases/raytheon-technologies-corporation?utm_source=PR&utm_medium=link&utm_campaign=raytheon.
According to the complaint, Raytheon is 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 "Raytheon Company" to "Raytheon Technologies Corporation."
The Class Period commences on February 10, 2016, when Raytheon Company published its annual report on a Form 10-K for the year ended December 31, 2015, which stated in relevant part, "we maintain a system of internal control over financial reporting to provide reasonable assurance that assets are safeguarded and that transactions are properly executed and recorded. The system includes policies and procedures, internal audits, and our officers' reviews."
Concerns regarding Raytheon's financial accounting and internal controls over financial reporting were revealed after market hours on October 27, 2020, when Raytheon filed its quarterly report on a Form 10-Q with the SEC for the quarter ended September 30, 2020. The Form 10-Q reported that "[o]n October 8, 2020, [Raytheon] received a criminal subpoena from the [U.S. Department of Justice ("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."
Following this news, the price of Raytheon shares fell $4.19 per share, or 7%, to close at $52.34 per share on October 28, 2020.
The complaint alleges that throughout the Class Period, the defendants 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 Company'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 DOJ; and (6) as a result, the defendants' public statements were materially false and/or misleading at all relevant times.
If you wish to discuss this securities fraud class action lawsuit or have any questions concerning this notice or your rights or interests with respect to this litigation, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 877-9500 (toll-free) or (610) 667-7706, or via e-mail at [email protected].
Raytheon investors may, no later than December 29, 2020, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties, and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers, and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 877-9500 (toll-free)
SOURCE: Kessler Topaz Meltzer & Check, LLP