Raytheon Says COVID, Not DOJ Probe, Led To Stock Price Dip

By Katryna Perera (March 23, 2022, 4:43 PM EDT) -- Raytheon Technologies Corp. has asked an Arizona federal judge to throw out a proposed class action against it, saying an October 2020 drop in its stock price resulted from the COVID-19 pandemic and not a criminal probe by the U.S. Department of Justice, as investors claim.

In a dismissal motion filed Monday, Raytheon argued that its stock prices recovered within a week after the October 2020 drop and that the plaintiffs "did not wait to see this recovery" and jumped to the conclusion that the DOJ probe caused the fall.

"The plaintiff hypothesized everything [Raytheon] had said about their internal controls and...

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