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NEW YORK, May 18, 2017 -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of United Technologies Corporation (NYSE:UTX) who purchased shares between April 21, 2015 and July 20, 2015. The action, which was filed in the U.S. District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the class period Defendants issued materially false and/or misleading statements 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 units.
Shareholders have until July 11, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sa/united-technologies-corporation?wire=3.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Joseph Klein, Esq. Empire State Building 350 Fifth Avenue 59th Floor New York, NY 10118 Telephone: (212) 616-4899 Fax: (347) 558-9665 www.kleinstocklaw.com
