PHILADELPHIA, Aug. 26, 2014 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, Southern District of New York, 14cv06939, on behalf of purchasers of common stock of L3 Communications (NYSE:LLL) between January 30, 2014 and July 30, 2014, inclusive (the "Class Period"), pursuing remedies under the Securities Exchange Act of 1934. This matter is pending before the Honorable Richard Berman.
If you wish to serve as lead plaintiff, you must move the Court by September 30, 2014. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at firstname.lastname@example.org or email@example.com. The firm has expertise in prosecuting class actions alleging violations of the federal securities laws. Any person who purchased the common stock of L3 Communications (NYSE:LLL) during the Class Period may move the Court to serve as lead plaintiff through counsel of his choice, or may choose to do nothing and remain an absent class member.
The Complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (1) L-3 Communications' financial statements contained errors related to the improper deferral of cost overruns on a fixed-price maintenance and logistics support contract resulting in overstatement of operating income; (2) net sales with respect to the fixed-price maintenance and logistics support contract were overstated; (3) the Company lacked adequate internal controls over financial reporting; and (4) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times. Noteworthy is that defendant, Michael T. Strianese, CEO sold over 100,000 shares of L3 common stock during the Class Period.
On July 31, 2014, L-3 Communications reported preliminary second quarter 2014 financial results. Therein, the Company noted that the results were "preliminary because the Company is currently conducting an internal review that could result in increases to the preliminary adjustments included in this release," but in light of the review, it expects to incur a charge of $84 million "against operating income and a related reduction in net sales of approximately $43 million." Additionally, the Company disclosed that it believed that "the amounts associated with these adjustments are the result of misconduct and accounting errors at the Aerospace Systems segment," and that it had terminated a number of employees in the Aerospace Segment. On this news, shares of L-3 Communications fell $14.68 per share, or more than 12 percent, to close at $104.96 on July 31, 2014.
To discuss this action or have any questions concerning this Notice with respect to these matters,
|PLEASE CONTACT:||Law Offices Bernard M. Gross, P.C.|
|Susan R. Gross, Esq.|
|Deborah R. Gross, Esq.|
|Telephone: 866-561-3600 (toll free) or 215-561-3600|
Source:Law Offices Bernard M. Gross, P.C.