SAN DIEGO & MCLEAN, Va.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Booz Allen Hamilton Holding Corporation (NYSE: BAH). The complaint is brought on behalf of all purchasers of Booz Allen securities between May 19, 2016 and June 15, 2017, for alleged violations of the Securities Exchange Act of 1934 by Booz Allen's officers and directors. Booz Allen provides management and technology consulting, engineering, analytics, digital, mission operations, and cyber solutions to governments, corporations, and not-for-profit organizations in the United States and internationally.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/booz-allen-hamilton-holding-corporation
Booz Allen Accused of Engaging in Improper Accounting Practices
According to the complaint, Booz Allen stated in its public filings that the company supports "critical missions for a diverse base of federal government clients, including nearly all of the U.S. government's cabinet-level departments." Booz Allen further emphasized the company's strong and longstanding relationships with its government clients, noting that substantially all of the company's revenue is derived from services provided under contracts and task orders with the U.S. government. Booz Allen failed to reveal, however, that it engaged in improper accounting practices in these contracts, causing Booz Allen's revenues to be inflated and unsustainable and jeopardizing the company's business relationship with the U.S. government. On June 15, 2017, Booz Allen disclosed that on June 7, 2017, the company's subsidiary, Booz Allen Hamilton Inc., was informed that it was being investigated by the U.S. Department of Justice concerning its cost accounting and indirect cost charging practices with the U.S. government. On this news, Booz Allen's stock fell $7.43 per share, or nearly 19%, to close at $31.90 per share on June 16, 2017.
Booz Allen Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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