WILMINGTON, Del., Aug. 6, 2014 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Did you purchase your shares before April 25, 2013, or between April 25, 2013 and July 30, 2014, inclusive?
- Did you lose money in your investment in L-3 Communications Holdings, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of L-3 Communications Holdings, Inc. ("L-3" or the "Company") (NYSE: LLL) between April 25, 2013 and July 30, 2014, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of L-3 during the Class Period, or purchased shares prior to the Class Period and still hold L-3, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to [email protected]; or at: http://www.rigrodskylong.com/investigations/l-3-communications-holdings-inc-lll.
L-3 is a prime contractor in aerospace systems and national security solutions. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) L-3's financial statements contained errors related to the improper deferral of cost overruns on a fixed-price maintenance and logistics supports contract resulting in overstatement of operating income; (2) net sales with respect to the fixed-price maintenance and logistics support contract were overstated; (3) the Company lacked adequate internal and control over financial reporting; and (4) as a result of the foregoing, the Company's financial statement were materially false and misleading at all relevant times. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on July 31, 2014, the Company issued a press release entitled "L-3 Announces Preliminary Second Quarter 2014 Results." The Company announced its preliminary results due to the disclosure of a concurrent internal accounting review into matters at the Company's Aerospace Systems segment. Among other things, the press release stated that the Company announced that it expected to incur an aggregate pre-tax charge of $84 million against operating income and a related reduction in net sales of approximately $43 million, and that it had lowered its estimated operating income for the Aerospace Systems segments by approximately $35 million for the second half of 2014.
On this news, shares in L-3 plummeted more than 12%, closing at $104.96 per share on July 31, 2014, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than September 30, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.