LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of investors of L-3 Communications Holdings, Inc. (“L-3” or the “Company”) (NYSE:LLL) concerning possible violations of federal securities laws. The investigation focuses on the Company’s operations and financial performance and prospects.
Please contact Casey Sadler, Esquire, at (888) 773-9224 or (310) 201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
L-3 provides command, control, communications, intelligence, surveillance and reconnaissance (C3ISR) systems, aircraft modernization and maintenance, and national security solutions in the United States and internationally. The investigation is related to the Company’s July 31, 2014, disclosure that L-3 is currently conducting an internal review with the assistance of outside accounting and legal advisors, related to accounting matters at the Company’s Aerospace Systems segment. L-3 further disclosed that the Company expects to incur an aggregate pre-tax charge of $84 million against operating income and a related reduction in net sales of approximately $43 million, including approximately $50 million related to periods prior to 2014, and approximately $34 million related to the first half of 2014. Additionally, as a result of this review, the Company has lowered its estimated operating income for the Aerospace Systems segment by approximately $35 million for the second half of 2014.
According to the Company, the adjustments primarily relate to “contract cost overruns that were inappropriately deferred and overstatements of net sales, in each case with respect to a fixed-price maintenance and logistics support contract,” and are the result of “misconduct and accounting errors” at the Aerospace Systems segment, which “included concealment from L-3’s Corporate staff and external auditors.”
If you purchased shares of L-3, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by toll-free telephone at (888) 773-9224 or by telephone at (310) 201-9150, by e-mail to email@example.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.
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