Peneycad v. RTX Corporation

On May 2, 2024, Labaton Keller Sucharow was appointed lead counsel in a securities class action against RTX Corporation (RTX or the Company) (NYSE: RTX), f/k/a Raytheon Technologies Corporation, and certain RTX officers (collectively, Defendants).  The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder on behalf of all persons or entities who purchased or otherwise acquired publicly traded RTX securities between February 8, 2021 and July 25, 2023, inclusive (the Class Period).

RTX is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide headquartered in Arlington, Virginia.  RTX has four principal business segments: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles and Defense.  Pertinent to this action is Pratt & Whitney who is among the world’s leading suppliers of aircraft engines for commercial, military, business jet and general aviation customers.

The case alleges that the Company’s 2020 Annual Report contained materially false and misleading statements regarding quality control issues that had affected the Company’s GTF engines, which would later require their recall from service for reinspection, affecting various customers. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the high-bypass geared turbofan (GTF) engines had been affected from at least 2015-2020 by a quality control issue; (2) this quality control issue would require RTX to recall and reinspect many of its GTF airplanes, affecting customers and harming its business; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

The case is Peneycad v. RTX Corporation, Case No. 3:23-cv-01035-JAM (D. Conn.).  Labaton Keller Sucharow represents lead plaintiff The New England Teamsters Pension Fund.