NEW YORK, Aug. 10, 2016 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in Orbital ATK, Inc. (NYSE: OA), resulting from Orbital's revelation that it is "reviewing the prior accounting" of a $2.3 billion long-term contract with the U.S. Army. Orbital investors can contact Fei-Lu Qian at 877.370.7703 or [email protected] for more information.
On August 10, 2016, Orbital disclosed the need to restate financial statements for the fiscal year ended March 31, 2015, the nine-month transition period ended December 31, 2015, the quarters in fiscal 2015 and the quarter ended April 3, 2016, relating to a contract to manufacture and supply small caliber ammunition at the U.S. Army's Lake city Army Ammunition Plant. The restatement will reduce reported income from continuing operations by $400 million to $450 million in total, and reduce annual revenues by $100 million to $150 million in total.
On this disclosure, Orbital common stock plummeted nearly $20.00 per share or approximately 20% on August 10, 2016.
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