Booz Allen Hit With Securities Class Action
WASHINGTON, DC (July 11, 2017) — U.S. Market Advisors Law Group PLLC announces that a class action lawsuit has been filed against Booz Allen Hamilton Holding Corporation (“Booz Allen” or the “Company”) (NYSE:BAH) and certain of its senior executives. The class action is on behalf of investors who purchased or otherwise acquired Booz Allen securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934. The case has been docketed under 17-cv-00696 in United States District Court for the Eastern District of Virginia.
If you are a shareholder who purchased Booz Allen’s common stock between May 19, 2016 and June 15, 2017 (“Class Period”), you have until August 18, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. The Lead Plaintiff is a representative for absent members of the class.
Investors do not need to seek appointment as Lead Plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action. Contact USMA to discuss this action.
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.
Allegations Against Booz Allen
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.
About USMA
U.S. Market Advisors Law Group PLLC is a national law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
Contact
David P. Abel
(202) 274-0237
[email protected]