NEW YORK--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/L3/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of L-3 Communications Holdings, Inc. (“L-3” or the “Company”) (NYSE:LLL) common stock between January 30, 2014 and July 30, 2014, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you wish to serve as lead plaintiff, you must move the Court no later than September 30, 2014. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/L3/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges L-3 and certain of its officers and directors with violations of the Exchange Act. L-3 supplies command and control, communications, intelligence, surveillance and reconnaissance systems and products, avionics, ocean products, training devices and services, instrumentation, space, and navigation products to the United States Departments of Defense and Homeland Security, the United States government intelligence agencies, NASA, aerospace contractors and commercial telecommunications and wireless customers.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects and failed to disclose adverse facts, including that: (i) cost overruns on a fixed-price maintenance and logistics support contract were inappropriately deferred, resulting in an overstatement of the Company’s operating income; (ii) the Company’s net sales with respect to the fixed-price maintenance and logistics support contract were overstated; and (iii) the Company lacked adequate controls over financial reporting.
Before the opening of trading on July 31, 2014, L-3 issued a press release announcing second quarter 2014 financial results, which it said were preliminary because the Company was currently conducting an internal review that could result in increases to the preliminary adjustments included in the release. These adjustments related to contract cost overruns that were inappropriately deferred, resulting in an overstatement of the Company’s operating income. On this news the price of the Company’s stock price fell to a close of $104.96 per share, down approximately $15 from its close from the prior evening.
Plaintiff seeks to recover damages on behalf of all purchasers of L-3 common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, with more than 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest jury verdict ever in a securities class action. Please visit http://www.rgrdlaw.com for more information.