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NEW YORK -- (Business Wire)
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in United Technologies Corporation (“United Technologies ” or
the “Company”) (NYSE:UTX) of the July 11, 2017 deadline to seek the role
of lead plaintiff in a federal securities class action that has been
filed against the Company.
If you invested in United Technologies stock or options between April
21, 2015 and July 20, 2015 and would like to discuss your legal
rights, click here:www.faruqilaw.com/UTX.
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll freeat
877-247-4292 or at 212-983-9330 or by sending an e-mail torgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Southern
District of New York on behalf of all those who purchased United
Technologies securities between April 21, 2015 and July 20, 2015 (the
“Class Period”). The case, FRANKFURT-TRUST Investment Luxemburg AG v.
United Technologies Corporation et al, No. 17-cv-03570 was filed on
May 12, 2017, and has been assigned to Judge John G. Koeltl.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by misleading investors by making overly
aggressive assumptions about the performance capabilities of two
business units when announcing earnings guidance for fiscal year 2015.
Specifically, on April 21, 2015, United Technologies announced its
first-quarter 2015 financial results, affirming its earnings forecast
range of $6.85 to $7.05 per share. The Company did so by claiming that
its aerospace part manufacturing unit, UTAS, and its elevator
manufacturing unit, Otis, would perform as expected earlier in the year.
Then on July 21, 2015, United Technologies cut its 2015 earnings
guidance to a range of $6.15 and $6.30 per share. On an earning class on
the same day, CEO Gregory J. Hayes stated that their assumptions about
the performance of UTAS and OTIS had been “way too aggressive” and had
lacked a “strong basis.”
After the announcement, United Technologies’ share price fell from
$110.48 per share on July 20, 2015 to a closing price of $102.71 on July
21, 2015—a $7.77 or a 7.03% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
United Technologies’ conduct to contact the firm, including
whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential
manner.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170619006142/en/
Contacts:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New
York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone:
(877) 247-4292 or (212) 983-9330
Source: Faruqi & Faruqi, LLP
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