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Faruqi & Faruqi, LLP is Investigating United Technologies Corp. On Behalf Of Its Shareholders


Monday, 9 Jul 2012 08:00am EDT 

Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws announced that it is investigating potential wrongdoing at United Technologies Corporation. The investigation focuses on whether certain executive officers and directors of United Technologies breached their fiduciary duties by causing United Technologies and its two subsidiaries, Hamilton Sundstrand Corporation and Pratt & Whitney Canada, to violate the Arms Export Control Act and make false statements in connection with their illegal export to China of military software. American exports of defense articles to China are prohibited under a 1989 embargo. The Department of Justice alleges that between 2002 and 2005, Pratt & Whitney Canada knowingly sold to China engine-control software made by Hamilton Sundstrand, so that China could develop its first modern military attack helicopter. The Department of Justice also alleges that United Technologies and its subsidiaries failed to disclose the illegal exports for several years, and when they did, their disclosures contained numerous false statements. On June 28, 2012, Pratt & Whitney Canada pleaded guilty to violating the Arms Export Control Act and making false statements. That same day, United Technologies, Hamilton Sundstrand and Pratt & Whitney Canada entered into a two-year deferred prosecution agreement and paid a total of $75.7 million in fines and penalties. 

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17 Apr 2014