OA INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Orbital ATK, Inc.
August 30 2016 - 11:59AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been filed on behalf of
investors who purchased or otherwise acquired the securities of
Orbital ATK, Inc. (“Orbital” or the “Company”) (NYSE: OA) between
June 1, 2015 and August 9, 2016, inclusive (the “Class
Period”).
If you purchased or acquired Orbital securities during the Class
Period, you may move the Court for appointment as lead plaintiff by
no later than October 11, 2016. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the action
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
Orbital investors who wish to learn more about the litigation
and how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the Orbital ATK Securities Class
Litigation
Orbital, headquartered in Dulles, Virginia, designs, builds and
delivers space, defense and aviation systems for customers around
the world, both as a prime contractor and merchant supplier. In
September 2012, Orbital entered into a $2.3 billion long-term
contract (the “Contract”) with the U.S. Army to manufacture and
supply small caliber ammunition at an Army ammunition plant.
The action alleges that throughout the Class Period, defendants
made false and/or misleading statements and/or failed to disclose
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.
On August 10, 2016, Orbital announced that the Company would
miss the deadline to file its most recent quarter Form 10-Q with
the Securities and Exchange Commission. Orbital disclosed 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 result of misstatements relating primarily to the
Contract. Orbital 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.” Orbital additionally
stated these issues “indicate the existence of one or more material
weaknesses in its internal control over financial reporting.”
On this news, the price of Orbital shares fell $17.98 per share,
or 20.25%, from its closing price of $88.77 on August 9, 2016, to
close at $70.79 per share on August 10, 2016, on extremely heavy
trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
recognized law firm committed to advancing the rights of investors
and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Best Lawyers and U.S. News have named
Lieff Cabraser as a “Law Firm of the Year” for each year the
publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
www.lieffcabraser.com.
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/20160830006118/en/
Source/Contact for Media Inquiries OnlyLieff Cabraser
Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358
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