RADNOR, Pa., Aug. 12, 2016 /PRNewswire/ -- The law firm
of Kessler Topaz Meltzer & Check, LLP announces that a
shareholder class action lawsuit has been filed against Orbital
ATK, Inc. (NYSE: OA) ("Orbital" or the "Company") on behalf of
purchasers of the Company's securities between June 1, 2015 and August 9,
2016, inclusive (the "Class Period").
Investors who purchased Orbital securities
during the Class Period may, no later than October 11, 2016, petition the Court to be
appointed as a lead plaintiff representative of the class.
For additional information please visit
https://www.ktmc.com/new-cases/orbital-atk-inc#join.
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 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.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
info@ktmc.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-orbital-atk-inc---oa-300313130.html
SOURCE Kessler Topaz Meltzer & Check, LLP