October 30, 2020 - An investor in shares of Raytheon Technologies Corporation (NYSE: RTX, NYSE: RTN) filed a lawsuit in the U.S. District Court for the District of Arizona over alleged violations of Federal Securities Laws by Raytheon Technologies Corporation, f/k/a Raytheon Company, in connection with certain allegedly false and misleading statements made between February 10, 2016 and October 27, 2020.

Waltham, MA based Raytheon Technologies Corporation, an aerospace and defense company, provides advanced systems and services for commercial, military, and government customers worldwide. Raytheon Technologies Corporation reported that its annual Total Revenue rose from $66.5 billion in 2018 to $77.04 billion in 2019, and that its EBIT increased from over $9.5 billion in 2018 to over $10.01 billion in 2019.

On October 27, 2020, Raytheon Technologies Corporation announced that “[o]n October 8, 2020, the Company received a criminal subpoena from the DOJ [U.S. Department of Justice] 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[,]” in the Company’s quarterly report on Form 10-Q filed with the SEC. Raytheon Technologies Corporation (NYSE: RTX, NYSE: RTN ) declined from $63.79 per share on October 23, 2020 to as low as $51.92 per share on October 29, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Raytheon Technologies Corporation (NYSE: RTX, NYSE: RTN ) common shares between February 10, 2016 and October 27, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 10, 2016 and October 27, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Raytheon Technologies had inadequate disclosure controls and procedures and internal control over financial reporting, that Raytheon Technologies had faulty financial accounting, that as a result, Raytheon misreported its costs regarding Raytheon’s Missiles & Defense business since 2009, that as a result of the foregoing, Raytheon was at risk of increased scrutiny from the government, that as a result of the foregoing, Raytheon would face a criminal investigation by the U.S. Department of Justice (“DOJ”), and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.