Honeywell Aerospace Sued Over Alleged Misleading of Shareholders on Supply Chain Issues
Honeywell Aerospace Inc., a spinoff of Honeywell International Inc., is facing a proposed class action lawsuit from an investor who claims that the company and its top executives misled shareholders about supply chain problems and a federal investigation into cybersecurity compliance for a defense contract.
The complaint, filed in the US District Court for the District of New Jersey, alleges that Honeywell Aerospace concealed information about a small number of suppliers that had a disproportionate impact on sales. These suppliers faced constraints, which were not disclosed to shareholders.
The investor also claims that the company failed to disclose its investigation by the US government for potential False Claims Act violations tied to cybersecurity failures in a US Defense Department contract.