RTX - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against RTX Eos and Apellis and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of RTX Corporation (NYSE:RTX), Eos Energy Enterprises (NASDAQ:EOSE), and Apellis Pharmaceuticals, Inc. (NASDAQ:APLS). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
RTX Corporation (NYSE:RTX)
Class Period: February 8, 2021 – July 25, 2023
Lead Plaintiff Deadline: October 2, 2023
On July 25, 2023, Reuters released an article entitled "RTX shares tumble on Pratt & Whitney airliner engine problem," which reported that "more than 1,000 [GTF] engines must [be] removed from Airbus planes and checked for microscopic cracks." Reuters further reported that "RTX said it was reducing its 2023 cash-flow forecast by $500 million to $4.3 billion due to the inspections."
On this news, the price of RTX shares declined by more than 10%, damaging investors.
The RTX class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the GTF engines had been affected from at least 2015-2020 by a quality control issue; and (ii) this quality control issue would require RTX to recall and reinspect many of its GTF airplanes, affecting customers and harming its business.
For more information on the RTX class action go to: https://bespc.com/cases/RTX
Eos Energy Enterprises (NASDAQ:EOSE)
Class Period: May 9, 2022 – June 27, 2023
Lead Plaintiff Deadline: October 2, 2023
On July 27, 2023, during market hours, Iceberg Research ("Iceberg") published a report titled "62% Of 's Backlog Is With Financially Distressed Bridgelink Whose Renewable Energy Assets Were Foreclosed And Auctioned Off In May." Therein, Iceberg alleged that, while the fate of Eos "rests on its touted 2.2 GWh energy storage system backlog, which EOS valued at $535 million at the end of March 2023," the backlog "is fake." Iceberg elaborated that "Bridgelink Commodities, accounts for half of EOS's backlog by MWh or ~62% ($331 million) of its total dollar value" but that Iceberg "decided to dig into this customer's background and uncovered a group whose assets were recently seized by a creditor and sold in an auction." Iceberg added that "[w]e wonder how EOS can still present Bridgelink as a major client" and that "EOS continues to include Bridgelink in its backlog, and is likely to have made the same representations when applying for the Department of Energy loan." Iceberg concluded that its findings "completely undermine the authenticity of EOS Energy's promoted backlog."
On this news, the Company's stock price fell $0.83 per share, or 23.9%, to close at $2.65 per share on July 27, 2023, on unusually heavy trading volume.
On July 27, 2023, after the market closed, Eos issued a press release titled "Eos Energy Enterprises Provides Preliminary Results & Issues Statement Regarding Its ...