Booz Allen Hamilton Holding Corporation Securities Class Action
Company: Booz Allen Hamilton Holding Corporation (NYSE:BAH)
Class Period: May 19, 2016 – June 15, 2017
Lead Plaintiff Deadline: August 18, 2017
Court: Eastern District of Virginia, No. 17-cv-00696
WASHINGTON, DC (June 20, 2017) — U.S. Market Advisors Law Group PLLC announces that a class action lawsuit has been filed on behalf of purchasers of Booz Allen Hamilton Holding Corporation (NYSE:BAH) securities between May 19, 2016 and June 15, 2017. The lawsuit seeks to recover damages for Booz Allen investors under the federal securities laws.
Any member of the putative class may move the Court to serve as lead plaintiff through attorneys of their choice, or may choose to do nothing and remain an absent class member. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Booz Allen securities during the relevant period. Members of the class will be represented by the lead plaintiff and attorneys chosen by the lead plaintiff.
If you wish to choose attorneys to represent you and the class, you must apply to be appointed lead plaintiff no later than August 18, 2017. If you wish to join the litigation, complete the contact form below to be contacted by an attorney to discuss your rights or interests regarding this class action. There is no obligation or cost to you.
About the Lawsuit
Booz Allen is an American management consulting firm. The Company purports to provide 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. At all relevant times, Booz Allen has derived substantially all of its revenues from services provided to the U.S. government.
According to the initial lawsuit complaint, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Booz Allen engaged in improper accounting practices in its contracts with the U.S. government; (ii) consequently, the Company’s revenues derived from services provided to the U.S. government were inflated and unsustainable; (iii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny, potential criminal sanctions, and jeopardize its business relationship with the U.S. government; and (iv) as a result of the foregoing, Booz Allen’s public statements were materially false and misleading at all relevant times.
On June 15, 2017, post-market, Booz Allen disclosed that on June 7, 2017, the Company’s subsidiary Booz Allen Hamilton Inc. “was informed that the U.S. Department of Justice is conducting a civil and criminal investigation relating to certain elements of [its] cost accounting and indirect cost charging practices with the U.S. government.”
On this news, Booz Allen’s share price fell $7.43, or 18.89%, to close at $31.90 on June 16, 2017.