Faruqi & Faruqi, LLP is Investigating United Technologies Corporation on Behalf of its Shareholders (UTX)
NEW YORK, July 9, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws, is investigating potential wrongdoing at United Technologies Corporation ("United Technologies" or the "Company") (NYSE: UTX). The investigation focuses on whether certain executive officers and directors of United Technologies breached their fiduciary duties by causing the Company 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. American exports of defense articles to China are prohibited under a 1989 embargo.
The Department of Justice alleges that between 2002 and 2005, Pratt & Whitney Canada knowingly sold to China engine-control software made by Hamilton Sundstrand, so that China could develop its first modern military attack helicopter. The Department of Justice also alleges that the Company and its subsidiaries failed to disclose the illegal exports for several years, and when they did, their disclosures contained numerous false statements.
On June 28, 2012, Pratt & Whitney Canada pleaded guilty to violating the Arms Export Control Act and making false statements. That same day, United Technologies, Hamilton Sundstrand and Pratt & Whitney Canada entered into a two-year deferred prosecution agreement and paid a total of $75.7 million in fines and penalties.
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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action and derivative litigation. The firm is focused on providing exemplary legal services in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you hold UTX shares and you would like to discuss your legal rights, visit www.faruqilaw.com/UTX. You can also contact us by calling Beth Keller toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
Faruqi & Faruqi, LLP
Beth A. Keller, Esq.
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Telephone: (877) 247-4292 or (212) 983-9330
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