NEW YORK, March 9, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of FLY Leasing Limited ("FLY" or the "Company") (NYSE: FLY). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether FLY and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 8, 2016, FLY disclosed that the Company and the U.S. Securities and Exchange Commission ("SEC") were discussing FLY's accounting policy for business combinations, including FLY's accounting policy for intangible assets and liabilities for aircraft acquired with in-place leases. FLY also disclosed that "if it is determined after the conclusion of the [SEC's] review that FLY should separately recognize other intangible assets or liabilities from what has been previously recorded, the impact could be material to FLY's previously issued consolidated financial statements and require modification to its accounting for the current and prior year results," and that, "as a result of the ongoing discussions with the [SEC], FLY may not be able to timely file its Annual Report on Form 20-F for the year ended December 31, 2015."
On this news, FLY stock fell $1.12 per share, or 8.2%, to close at $12.47 on March 8, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, 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.
CONTACT: Robert S. Willoughby Pomerantz LLP email@example.com
SOURCE Pomerantz LLP