Bernstein Liebhard, a United States (US)-based law firm, filed a lawsuit against RTX and is inviting investors to join in the class action motion that alleges that the company misled its investors about the state of the Pratt & Whitney Geared Turbofan (GTF) engine.
“Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period,” the announcement read, adding that the defendants, namely RTX, failed to inform investors about the fact that the GTF engines were affected by a quality control issue at least since 2015. The quality control issue would require it to “recall and reinspect many of its GTF airplanes, affecting customers and harming its business”.
Following the news RTX’s share price fell by 10.2%, closing at $87,10 on July 25, 2023. On August 7, 2023, the company’s share price closed at $85,47, while the Year-to-Date (YTD) highest closing price was $104,66 on April 18, 2023.
The law firm invited investors, who purchased or acquired the shares or other securities of RTX between February 8, 2021, and July 25, 2023, to join the lawsuit no later than October 2, 2023.
Bernstein Liebhard announced its motion against RTX on August 8, 2023, the same day that it filed 12 other lawsuits against different corporations in the US.
RTX, the parent company of Pratt & Whitney, announced that the engine maker “has determined that a rare condition in powder metal used to manufacture certain engine parts will require accelerated fleet inspection” on July 25, 2023.
The inspections would affect the PW1100G engine, powering the Airbus A320neo aircraft family, with “accelerated removals and inspections within the next nine to twelve months”, which includes 200 accelerated inspections by mid-September 2023.
“The business is working to minimize operational impacts and support its customers,” RTX continued. The company pointed out that the financial impact of the…
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