WAYNE, Pa., Aug. 8, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in 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").
L-3 shareholders may, no later than September 30, 2014, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of L-3 and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/lll. You may also email Mr. Maniskas at [email protected].
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 are a member of the class, you may, no later than September 30, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP