NEW YORK--(BUSINESS WIRE)--Zamansky LLC announces that it is investigating L-3 Communications Holdings Inc. (NYSE:LLL)(“L-3” or the “Company”) over its employee Savings, Profit-Sharing and Stock Ownership Plan (the “Plan”) for potential violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties to prudently invest, manage and monitor the assets of employee retirement plans. These duties were allegedly violated by the Plan’s continued offering of the L-3’s stock despite its lack of prudence as an investment.
On July 31, 2014, L-3 disclosed accounting irregularities and alleged misconduct in its Aerospace Systems division. L-3 announced the firing of four employees and resignation of another employee, and an $84 million pretax charge as it cut its full-year profit guidance. On this news, the price of L-3’s stock plummeted by $20 per share, and securities fraud class action lawsuits were filed for investors in L-3 stock.
On April 21, 2016, U.S. District Court Judge Valerie Caproni denied L-3’s motion to dismiss the securities fraud class actions. She upheld investor allegations that L-3’s reporting of its financial results was false and material, and caused damaged to its investors. According to investment fraud attorney Jake Zamansky, her ruling suggests that there may also be damages under ERISA for any L-3 employees or former employees who held L-3 stock through the Plan.
What Current and Former L-3 Employees Can Do
If you are an existing or former L-3 employee who purchased or held the Company’s stock through the Plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at email@example.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.