New User:

-or-
Username:
Password:
Forgot your password?

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
Check below for free stories on UTX the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
August 27, 2014
09:03 EDTUTXUnited Technologies raises FY14 share repurchase view to $1.35B
Subscribe for More Information
09:03 EDTUTXUnited Technologies backs FY14 EPS view $6.75-$6.85 , consensus $6.86
Subscribe for More Information
August 20, 2014
08:04 EDTUTXUnited Technologies licenses technology to CGTech
Subscribe for More Information
August 19, 2014
09:09 EDTUTXUTC Aerospace Systems installs Cloud Cap Technology on Airbus Helicopters
Subscribe for More Information
August 17, 2014
17:56 EDTUTXBB&T, Juniper, two others look discounted, Barron's says
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use