|By PR Newswire||
|August 20, 2014 11:55 AM EDT||
RADNOR, Pa., Aug. 20, 2014 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action has been filed against L-3 Communications Holdings, Inc. (NYSE: LLL) ("L-3 Communications" or "the Company") on behalf of purchasers of the Company's common stock between April 25, 2013 and July 30, 2014 ("the Class Period").
L-3 Communications shareholders may, no later than September 30, 2014, move the Court for appointment as a lead plaintiff of the Class. Shareholders who wish to discuss this action and their options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706.
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/case/L3Communications.
According to the Complaint, L-3 Communications is a prime contractor in aerospace systems and national security solutions. L-3 Communications also provides a broad range of communication and electronic systems, and products used on military and commercial platforms.
The Complaint alleges that, throughout the Class Period, the defendants made a series of materially false and misleading statements about the Company's accounting and financial position. Specifically, 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.
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." L-3 Communications also disclosed that, as a result of the ongoing accounting review, it expected 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.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or (610) 667-7706, or via e-mail at [email protected]. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For additional information about the lawsuit, or to request information about the action, please visit http://www.ktmc.com/case/L3Communications.
Members of the class may, no later than September 30, 2014, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706 or (610) 667-7706
SOURCE Kessler Topaz Meltzer & Check, LLP
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