A lawsuit was filed by an investors in shares of United Technologies Corporation (NYSE:UTX) over alleged breaches of fiduciary duties by certain directors and current long-term NYSE:UTX stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 11/12/2012 -- An investor in shares of United Technologies Corporation (NYSE:UTX) filed a lawsuit against directors of United Technologies Corporation in connection with the $55 million penalty against the company.
Investors purchased shares of United Technologies Corporation (NYSE:UTX), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties by failing to prevent the company from, and then tried to conceal, rather than to properly disclose the export of engine technology to China that resulted in a $55 million civil penalty against the company.
On June 28, 2012, United Technologies Corporation said it has resolved enforcement actions brought by the U.S. Department of Justice and the Department of State in connection with past violations of U.S. export control regulations.
United Technologies Corporation said the resolution includes Pratt & Whitney Canada (P&WC), a United Technologies company, pleading guilty to violating the State Department’s International Traffic in Arms Regulations (ITAR), as well as the False Statements Act. The plea arises out of the improper export to China of modifications to Hamilton Sundstrand engine control software incorporated into P&WC helicopter engines from 2002-2005.
The Justice Department has agreed to defer any action against United Technologies and Hamilton Sundstrand arising out of these improper exports pending implementation of certain remedial obligations.
United Technologies Corporation said the agreement with the Department of State resolves self-disclosures made by the Company between 2006 and 2012, and includes $55 million in penalties, of which $35 million will be paid in cash over four years. The State Department’s Office of Defense Trade Controls Compliance will impose a partial statutory debarment from ITAR license privileges on P&WC.
On November 9, 2012, NYSE:UTX shares closed at $75.84 per share.
Those who purchased shares of United Technologies Corporation (NYSE:UTX), have certain options and should contact the Shareholders Foundation.
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