The law firm of Abbey, Gardy & Squitieri, LLP announces a class-action lawsuit has commenced on behalf of all persons who purchased Raytheon Co. common stock during the period Sept. 16-Oct. 14, 1999. In addition, an action has begun on behalf of investors who purchased Raytheon common stock between Jan. 28-Oct. 12, 1999. The complaint charges Raytheon and some of its officers with violating federal securities laws. The plaintiff claims the defendants misrepresented and concealed material facts concerning Raytheon’s operations and misled investors about the size of its restructuring charge, cost overruns and delays in certain defense contracts as well as its statements about expected 1999 financial results.
Raytheon Co. confirmed that several purported shareholder class-action complaints have been filed against the company and certain officers in the U.S. District Court for the District of Massachusetts. The company believes that it and the individual defendants have meritorious defenses and intend to contest the lawsuit vigorously.
