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United Technologies Corporation (NYSE:UTX) Investor Securities Class Action Lawsuit 05/12/2017

  • If you purchased shares of United Technologies Corporation (NYSE:UTX), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
United Technologies Corporation
Security
NYSE: UTX

Case Name
United Technologies Shareholder Class Action Lawsuit 05/12/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 28, 2018 - The court granted the defendants' motion to dismiss.

January 2, 2018 - A second amended complaint was filed.

December 11, 2017 - A motion to dismiss the amended complaint was filed.

November 10, 2017 - An amended complaint was filed.

May 12, 2017 (Shareholders Foundation) - An investor in shares of United Technologies Corporation (NYSE:UTX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by United Technologies Corporation in connection with certain allegedly false and misleading statements made between April 21, 2015 and July 20, 2015.

Farmington, CT based United Technologies Corporation is engaged in providing high technology products and services to the building systems and aerospace industries around the world.

According to the complaint the plaintiff alleges on behalf of purchasers of United Technologies Corporation (NYSE:UTX) common shares between April 21, 2015 and July 20, 2015, that the defendants violated Federal Securities Laws by issuing and reaffirming unfounded and inflated earnings guidance, primarily based on the planning assumptions in two of the Company’s key business units: UTC Aerospace Systems (“UTAS”) and Otis Elevator Co. (“Otis”).. More specifically, the plaintiff claims that between April 21, 2015 and July 20, 2015, defendants’ representations between April 21, 2015 and July 20, 2015 were allegedlt materially false and misleading because Defendants failed to disclose or indicate that United Technologies’ earnings forecast relied on planning assumptions for the UTAS and Otis units that were not fully scrutinized and were far too aggressive.

On July 21, 2015, United Technologies Corporation cut its 2015 earnings guidance on the basis of weak performance by the UTAS and Otis units. Shares of United Technologies Corporation (NYSE:UTX) declined from $118.62 per share in May 2015 to as low as $87.30 per share in September 2015.

On May 12, 2017, NYSE:UTX shares closed at $120.83 per share.