SHAREHOLDER ALERT: Class Action Lawsuit Filed Against Orbital ATK, Inc.
August 15 2016 - 10:22AM
Business Wire
The law firm of Kessler Topaz Meltzer & Check, LLP alerts
Orbital ATK, Inc. (NYSE: OA) (“Orbital” or the “Company”)
shareholders that a class action lawsuit has been filed on behalf
of purchasers of the Company’s securities between June 1, 2015
and August 9, 2016, inclusive (the “Class Period”).
Shareholders who wish to discuss this action and their legal
options are encouraged to contact Kessler Topaz Meltzer &
Check, LLP (Darren J. Check, Esq., D.
Seamus Kaskela, Esq. or
Adrienne O. Bell, Esq.) at (888) 299-7706 or at
info@ktmc.com.
Orbital shareholders who purchased securities during the
Class Period may, no later than October 11,
2016, seek to be appointed as a lead plaintiff of the
class. For additional information please visit
https://www.ktmc.com/new-cases/orbital-atk-inc#join.
Orbital develops and supplies advanced weapon and space systems.
In September 2012, the Company entered into a $2.3 billion
long-term contract (the “Contract”) with the U.S. Army to
manufacture and supply small caliber ammunition.
On August 10, 2016, Orbital reported that it would delay the
filing of its quarterly financial statements “due to an ongoing
review of accounting matters….” Additionally, the Company disclosed
that it expected to restate its fiscal 2015 and subsequently filed
financial statements to correct “misstatements” relating to the
Contract, which resulted in an overstatement of revenues and
operating income in those previously issued financial
statements.
Following this news, shares of the Company’s stock declined
$17.98, or over 20 percent, to close on August 10, 2016 at $70.79
per share, on unusually heavy trading volume.
The complaint alleges that the defendants made a series of false
and misleading statements and/or failed to disclose to investors
during the Class Period that: (i) Orbital lacked effective control
over financial reporting; (ii) 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 (iii) as a result of the foregoing, Orbital’s
public statements were materially false and misleading at all
relevant times.
Orbital shareholders may, no later than October 11, 2016,
petition the Court to be appointed as a lead plaintiff
representative of the class through Kessler Topaz Meltzer &
Check or other counsel, or may choose to do nothing and remain an
absent class member. A lead plaintiff is a representative party who
acts on behalf of all class members in directing the litigation. In
order to be appointed as a 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 in the action. Your ability to share in any recovery is
not affected by the decision of whether or not to serve as a lead
plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. Kessler Topaz
Meltzer & Check is a driving force behind corporate governance
reform, and has recovered billions of dollars on behalf of
institutional and individual investors from the United States and
around the world. The firm represents investors, consumers and
whistleblowers (private citizens who report fraudulent practices
against the government and share in the recovery of government
dollars). The complaint in this action was not filed by Kessler
Topaz Meltzer & Check. For more information about Kessler Topaz
Meltzer & Check, or for additional information about
participating in this action, please visit www.ktmc.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160815005659/en/
Kessler Topaz Meltzer & Check, LLPDarren J. Check, Esq.D.
Seamus Kaskela, Esq.Adrienne O. Bell, Esq.280 King of Prussia
RoadRadnor, PA 19087888-299-7706610-667-7706info@ktmc.com
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