Orbital Securities Fraud Class Action
WASHINGTON, D.C. — U.S. Market Advisors Law Group PLLC announces that a class action lawsuit has been filed against Orbital ATK, Inc. (“Orbital” or the “Company”) (NYSE:OA) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Embraer between June 1, 2015 and August 9, 2016.
Orbital develops and produces aerospace, defense, and aviation-related products for the U.S. Government, allied nations, prime contractors, and other customers in the United States and internationally. The Company was formed through a February 2015 merger between Orbital Sciences Corporation and Alliant Techsystems Inc.
The Allegations Against Orbital
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Orbital lacked effective control over financial reporting; (ii) as a result, the Company failed to record an anticipated loss on the Contract after the loss became evident in 2015, as required by generally accepted accounting principles (“GAAP”); and (iii) as a result of the foregoing. Orbital’s public statements were materially false and misleading at all relevant times.
On August 10, 2016, pre-market, Orbital announced that the Company would miss its Form 10-Q filing deadline for its most recent quarter and have to restate its earnings for prior periods.
The Company believes that the misstatements that caused the Restatement indicate the existence of one or more material weaknesses in its internal control over financial reporting and disclosure controls and procedures during the Restated Periods, The Company will report those material weaknesses in its amended reports and in its Quarterly Report on Form 10-Q for the quarter ended July 3, 2016.
On this news, Orbital’s share price fell $17.98, or 20.25%, to close at $70.79 on August 10, 2016.
Orbital Investors Have Legal Options
If you suffered a loss from Orbital investments you have until October 11, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery does not require that you serve as a lead plaintiff. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney David P. Abel (202) 559-8591, [email protected].
About USMA
U.S. Market Advisors Law Group PLLC is a law firm based in Washington, D.C. The firm represents institutional investors from across the world in U.S. securities class action lawsuits.
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