According to the law firm press release, United Technologies is a manufacturer and servicer of high-technology products, including aircraft components, elevators, escalators, air-conditioning units, and military-missile systems. The Complaint alleges that during the Class Period, Defendants violated provisions of the Exchange Act 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 UTAS and Otis units. In reaction to these revelations, UTX stock lost hundreds of millions of dollars in market capitalization, with the Company’s stock price falling from a Class Period high of $119.14 per share on May 14, 2015, to close at $102.71 per share on July 21, 2015.

On October 11, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 10. Defendants filed a Motion to Dismiss the amended Complaint on December 11. On January 2, 2018, Lead Plaintiff filed a second amended Complaint. On September 28, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff filed a notice appealing the Court's dismissal Order on October 25.