WAYNE, Pa., Aug. 17, 2016 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in United States District Court for the Eastern District of
Virginia on behalf of purchasers
of Orbital ATK, Inc. ("Orbital" or the "Company") (NYSE: OA)
between June 1, 2015 and August 9, 2016, inclusive (the "Class
Period").
Orbital shareholders may, no later than October 11, 2016, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
Orbital and would like to learn more about these claims or if you
wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/oa.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and
omitted materially adverse facts, about the Company's business,
operations and prospects. Specifically, the Complaint alleges
that the defendants concealed from the investing public that: (1)
Orbital lacked effective control over financial reporting; (2) 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 (3) as a result of
the foregoing, Orbital's public statements were materially false
and misleading at all relevant times. As a result of
defendants' alleged false and misleading statements, the Company's
stock traded at artificially inflated prices during the Class
Period.
According to the Complaint, on August 10,
2016, pre-market, Orbital announced that the Company would
miss its Securities and Exchange Commission Form 10-Q filing
deadline for its most recent quarter and that "the Company's
previously issued financial statements for the fiscal year ended
March 31, 2015 ("fiscal 2015"), the
nine-month transition period ended December
31, 2015 ("2015 transition period"), the quarters in fiscal
2015 and the 2015 transition period, and the quarter ended
April 3, 2016 . . . should no longer
be relied upon" as a results of misstatements relating primarily to
the Contract. The Company advised investors that "[a]fter
considering the misstatements . . . the Company believes that the
Contract will result in a net loss over its 10-year term."
The Company further stated these issues "indicate the existence of
one or more material weaknesses in its internal control over
financial reporting."
On this news, shares of Orbital dropped over 20%, closing at
$70.79 per share on August 10, 2016, on heavy trading volume.
If you are a member of the class, you may, no later than
October 11, 2016, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed 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.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/oa. For more information about class
action cases in general or to learn more about Ryan & Maniskas,
LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT:
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Ryan & Maniskas,
LLP
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Richard A. Maniskas,
Esquire
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995 Old Eagle School
Rd., Suite 311
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Wayne, PA
19087
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484-588-5516
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877-316-3218
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www.rmclasslaw.com/cases/oa
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rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP