The investigation concerns whether Orbital and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 10, 2016, pre-market, Orbital announced that the Company would miss its filing deadline for its most recent quarter and restate more than a year worth of results due to account issues. The Company stated that its results from the quarters ended June 29, 2014 through April 3, 2016 "should no longer be relied upon," that it would delay its quarterly report for its most recently completed quarter, and that the issues "indicate the existence of one or more material weaknesses in its internal control over financial reporting."
On this news, Orbital's stock has fallen as much as $4.05, or more than 16%, during intraday trading on August 10, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP