NEW YORK, May 12, 2017 (GLOBE NEWSWIRE) -- 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-Tru...ration.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 .
