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Stock Market & Financial Investment News

News Breaks
April 25, 2014
07:14 EDTUTXUnited Technologies discloses SEC investigation into engine sales
United Technologies disclosed in a regulatory filing that In December 2013 and January 2014, UTC made voluntary disclosures to the U.S. Department of Justice, the Securities and Exchange Commission Division of Enforcement and the U.K.ís Serious Fraud Office to report the status of its internal investigation regarding a non-employee sales representative retained by United Technologies International Operations, Inc. and International Aero Engines for the sale of Pratt & Whitney and IAE engines and aftermarket services, respectively, in China. On April 7, the SEC notified UTC that it is conducting a formal investigation and issued a subpoena to UTC seeking production of documents related to the disclosures. UTC is cooperating fully with the investigation. Because the investigation is at an early stage, we cannot predict its outcome or the consequences thereof at this time. UTC also said that at the outset of the internal investigation, UTIO and IAE suspended all commission payments to the sales representative, and UTIO and IAE have not resumed making any payments. This led to two claims by the sales representative for unpaid commissions: a civil lawsuit filed against UTIO and UTC and an arbitration claim against IAE. "We are contesting the lawsuit and the arbitration claim. We do not believe that the resolution of the lawsuit or the arbitration will have a material adverse effect on our competitive position, results of operations, cash flows or financial condition," the company said.
News For UTX From The Last 14 Days
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July 1, 2015
15:36 EDTUTXEngine makers compete for Chinese contracts after Airbus order, Reuters says
Following China's large Airbus (EADSY) order on Tuesday, certain aircraft engine manufacturers are competing to secure contracts with Chinese airlines, reports Reuters, citing industry sources. Reuters notes that the Airbus A330s ordered by China are available with a choice of engines from General Electric (GE), United Technologies (UTX), and Rolls-royce (RYCEY). Reference Link
June 30, 2015
17:30 EDTUTXPratt and Whitney awarded $269.36M government contract modification
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June 26, 2015
07:26 EDTUTXSRA International exploring sale or IPO, Reuters reports
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June 24, 2015
08:03 EDTUTXUnited Technologies unit selected by IndiGo to supply Airbus wheels and brakes
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June 19, 2015
16:24 EDTUTXStocks end week higher after Fed reassures on gradual pace of rate increases
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