NEW YORK, Aug. 15, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Orbital ATK ("Orbital" or the "Company") (NYSE: OA) and certain of its officers. The class action was filed in the United States District Court, Eastern District of Virginia and is on behalf of a class consisting of all persons or entities who purchased Orbital securities between June 1, 2015 through August 9, 2016, both dates inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Orbital ATK Inc. is an American aerospace manufacturer and defense industry company. It was formed in 2015 from the merger of Orbital Sciences Corporation and parts of Alliant Techsystems.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about Orbital's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Orbital did not have proper control over financial reporting; (2) therefore, Orbital failed to record its projected loss on the Contract after the loss became evident in 2015; and (3) consequentially, Orbital's public statements were materially false and misleading at all relevant times.
On August 10, 2016, pre-market, Orbital released that due to accounting issues, it would delay and miss its filing deadline for its most recent quarter and restate more than a year worth of results. Orbital also said that its results from the quarters ended June 29, 2014 through April 3, 2016 "should no longer be relied upon," that it would postpone its most recent quarterly report and that the issues "indicate the existence of one or more material weaknesses in its internal control over financial reporting." Following this news, Orbital stock dropped as much as $17.98 per share, or 20.25%, to close at $70.79 on August 10, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/oa or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Orbital you have until October 11, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC