Precision Castparts Corp. is an American industrial goods and metal fabrication company that manufactures investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries.

According to the law firm press release, the Complaint charges Precision Castparts and certain of its officers with violations of the federal securities laws. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was losing significant market share to its competitors; (2) that this loss of business to competitors was not, as the Company represented, a temporary decline in sales that would reappear in the near future, but was instead a permanent decline in demand for the Company’s products; and (3) that, as a result, the Company’s positive statements about its business, operations, and prospects lacked a reasonable basis.

On July 13, 2016, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on September 26.

On August 22, 2017, the Court issued an Order denying Defendants' Motion to Dismiss.

Defendants filed a Motion for Summary Judgment on August 27, 2019. On July 3, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion for Summary Judgment. Defendants filed a Motion for Reconsideration of the Court's July 3, 2020 Order on February 17, 2021. On May 24, the Court granted Defendants' Motion for Reconsideration and entered Summary Judgment for the Defendants on all of the remaining claims.

Lead Plaintiff filed a notice appealing the Court's judgment on June 21, 2021. On July 18, 2022, the Court of Appeals affirmed the District Court's judgment.