Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Arizona on behalf of shareholders of Raytheon Technologies Corporation who purchased shares between February 10, 2016 and October 27, 2020.
Raytheon and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 27, 2020, post-market, the Company filed its 10-Q for the quarter ended September 30, 2020, disclosing that it was under investigation by the U.S. Justice Department “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’s shares fell $4.19 per share, or 7%, to close at $52.34 per share on October 28, 2020, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until December 29, 2020 to request that the court appoint them lead plaintiff.