WAYNE, Pa., Aug. 17, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Eastern District of Virginia on behalf of purchasers of Orbital ATK, Inc. ("Orbital" or the "Company") (NYSE: OA) between June 1, 2015 and August 9, 2016, inclusive (the "Class Period").
Orbital shareholders may, no later than October 11, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Orbital 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/oa.
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) Orbital lacked effective control over financial reporting; (2) as a result, the Company failed to record an anticipated loss on the Contract after the loss became evident in 2015, as required by generally accepted accounting principles; and (3) as a result of the foregoing, Orbital's public statements 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 August 10, 2016, pre-market, Orbital announced that the Company would miss its Securities and Exchange Commission Form 10-Q filing deadline for its most recent quarter and that "the Company's previously issued financial statements for the fiscal year ended March 31, 2015 ("fiscal 2015"), the nine-month transition period ended December 31, 2015 ("2015 transition period"), the quarters in fiscal 2015 and the 2015 transition period, and the quarter ended April 3, 2016 . . . should no longer be relied upon" as a results of misstatements relating primarily to the Contract. The Company advised investors that "[a]fter considering the misstatements . . . the Company believes that the Contract will result in a net loss over its 10-year term." The Company further stated these issues "indicate the existence of one or more material weaknesses in its internal control over financial reporting."
On this news, shares of Orbital dropped over 20%, closing at $70.79 per share on August 10, 2016, on heavy trading volume.
If you are a member of the class, you may, no later than October 11, 2016, 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.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/oa. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
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