San Diego, CA -- (SBWIRE) -- 07/11/2012 -- An investigation on behalf of investors in United Technologies Corporation (NYSE:UTX) shares was announced over potential breaches of fiduciary duties by certain members of the board of directors at United Technologies Corporation in connection with certain financial statements.
If you purchased shares of United Technologies Corporation (NYSE:UTX), you have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns on whether certain officers and directors at United Technologies Corporation breached their fiduciary duties. Specifically, the investigation focuses on whether certain executive officers and directors of United Technologies Corporation breached their fiduciary duties by causing United Technologies and its two subsidiaries, Hamilton Sundstrand Corporation and Pratt & Whitney Canada, to violate the Arms Export Control Act and make false statements in connection with their illegal export to China of military software.
United Technologies Corporation (NYSE:UTX) reported that its annual Revenue increased from $52.42billion in 2009 to $58.19billion in 2011 and its Net Income rose from $3.82billion in ’09 to $497billion in 2011.
Shares of United Technologies Corporation (NYSE:UTX) grew from $38.54 per share in March 2009 to as high as $90.35 on July 8, 2011.
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 July 10, 2012, NYSE:UTX shares closed at $74.15 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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