LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Leidos Holdings, Inc. (“Leidos” or the “Company”) (NYSE: LDOS) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 16, 2021, Spruce Point Capital Management published a report alleging, among other things, that “Leidos’ $1.0 billion levered acquisition of L3Harris’ Security Detection and Automation business (SD&A) is experiencing significant problems, including product defects, that increase the likelihood of a material adverse effect.” The report also alleged that the Company misstated revenue, citing for example, a $6 million variance between the third quarter 2020 investor presentation and Form 10-Q, which “raises the possibility that Leidos has booked fake revenue, or is keeping two sets of books.”
On this news, the Company’s stock price fell sharply during intraday trading on February 16, 2021.
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If you purchased Leidos securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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