Labaton Sucharow LLP Files Class Action Lawsuit on Behalf of United Technologies Corporation Investors
13 May 2017 - 6:34AM
Labaton Sucharow LLP (“Labaton Sucharow”) announces that on May 12,
2017, it filed a securities class action lawsuit on behalf of its
client FRANKFURT-TRUST Investment Luxemburg AG (“FT Lux”) against
United Technologies Corporation (“United Technologies” or the
“Company”) (NYSE:UTX), and certain of its senior executives
(collectively, “Defendants”). The action, which is captioned
FRANKFURT-TRUST Investment Luxemburg AG v. United Technologies
Corporation, No. 17-cv-3570 (S.D.N.Y.), asserts claims under
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
(the “Exchange Act”), and U.S. Securities and Exchange Commission
(“SEC”) Rule 10b-5 promulgated thereunder, on behalf of all persons
or entities who purchased or otherwise acquired the publicly traded
securities of United Technologies between April 21, 2015 and July
20, 2015, inclusive (the “Class Period”).
United Technologies is a manufacturer and servicer of
high-technology products, including aircraft components, elevators,
escalators, air-conditioning units, and military-missile
systems. The Complaint alleges that during the Class Period,
Defendants violated provisions of the Exchange Act 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”). Defendants’ Class Period representations were
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, the Company cut its 2015 earnings guidance on
the basis of weak performance by the UTAS and Otis units. In
reaction to these revelations, UTX stock lost hundreds of millions
of dollars in market capitalization, with the Company’s stock price
falling from a Class Period high of $119.14 per share on May 14,
2015, to close at $102.71 per share on July 21,
2015.
If you purchased or acquired the publicly traded securities of
United Technologies during the Class Period, you are a member of
the “Class” and may be able to seek appointment as Lead
Plaintiff. Lead Plaintiff motion papers must be filed with
the U.S. District Court for the Southern District of New York no
later than July 11, 2017. The Lead Plaintiff is a
court-appointed representative for absent members of the
Class. You do not need to seek appointment as Lead Plaintiff
to share in any Class recovery in this action. If you are a
Class member and there is a recovery for the Class, you can share
in that recovery as an absent Class member. You may retain
counsel of your choice to represent you in this action.
If you would like to consider serving as Lead Plaintiff or have
any questions about this lawsuit, you may contact Francis P.
McConville, Esq. of Labaton Sucharow, at (800) 321-0476, or via
email at fmcconville@labaton.com. You can view a copy of the
complaint online at
http://www.labaton.com/en/cases/Frankfurt-Trust-Investment-Luxemburg-AG-v-United-Technologies-Corporation.cfm.
FT-Lux is represented by Labaton Sucharow, which represents many
of the largest pension funds in the United States and
internationally with combined assets under management of more than
$2 trillion. Labaton Sucharow’s litigation reputation is
built on its half-century of securities litigation experience, more
than 60 full-time attorneys, and in-house team of investigators,
financial analysts, and forensic accountants. Labaton
Sucharow has been recognized for its excellence by the courts and
peers, and it is consistently ranked in leading industry
publications. Offices are located in New York, NY and
Wilmington, DE. More information about Labaton Sucharow is
available at www.labaton.com.
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