Cases
United Technologies Corporation (NYSE: UTX)
Securities Class Action
Overview
Overview
- Date:
- 5/16/2017
- Company Name:
- United Technologies Corporation
- Stock Symbol:
- UTX
- Class Period:
- FROM 4/21/2015 TO 7/20/2015
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, May 16, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who acquired United Technologies Corporation (NYSE: ELGX) securities between April 21, 2015 and July 20, 2015 (the “Class Period”).
According to the Complaint, during the Class Period, United Technologies issued and reaffirmed 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”). United Technologies failed to disclose or indicate that its earnings forecast relied on planning assumptions for the UTAS and Otis units that were not fully scrutinized and were too aggressive. On July 21, 2015, the Company cut its 2015 earnings guidance, based on the weak performance of the UTAS and Otis units. When this news was announced, the Company’s stock price dropped materially, which caused investors harm.
If you purchased or otherwise acquired United Technologies securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
According to the Complaint, during the Class Period, United Technologies issued and reaffirmed 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”). United Technologies failed to disclose or indicate that its earnings forecast relied on planning assumptions for the UTAS and Otis units that were not fully scrutinized and were too aggressive. On July 21, 2015, the Company cut its 2015 earnings guidance, based on the weak performance of the UTAS and Otis units. When this news was announced, the Company’s stock price dropped materially, which caused investors harm.
If you purchased or otherwise acquired United Technologies securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.