Glancy Prongay & Murray Commences Investigation on Behalf of Orbital ATK, Inc. Investors
August 10 2016 - 12:36PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces an
investigation on behalf of investors of Orbital ATK, Inc.
("Orbital" or the "Company") (NYSE: OA). The investigation concerns
whether the Company’s and its officers potentially violated
securities laws by misleading investors regarding losses associated
with certain government contracts.
On August 10, 2016, the Company announced the need to restate
prior financial statements relating to a long term government
contract. Orbital reported issues relating to, “its $2.3 billion
long-term contract (the “Contract”) with the U.S. Army to
manufacture and supply small caliber ammunition at the U.S. Army’s
Lake City Army Ammunition Plant.” According to Orbital, the
restatement will likely reduce pre-tax operating income by $400
million to $450 million, and reduce 2015 annual revenues by $100
million to $150 million.
As a result of the Company’s statement, Orbital’s shares fell by
over $16.53 per share, or over 18%, during intraday trading on
August 10, 2016.
If you purchased Orbital securities, have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire,
of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California
90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160810005875/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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