Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In L-3 Communications Holdings, Inc. (LLL) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in L-3 Communications Holdings, Inc. (“L-3” or the “Company”) (NYSE: LLL) of the September 30, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against L-3 and certain executives.
A complaint has been filed in the United States District Court Southern District of New York on behalf of all persons who purchased or acquired L-3 securities between April 25, 2013 and July 30, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that the Company failed to disclose that L-3’s financial statements contained errors related to the improper deferral of cost overruns on a fixed-price maintenance and logistics support contract at the Company’s Aerospace Systems segment.
On July 31, 2014, L-3 disclosed an internal review into accounting irregularities at the Company's Aerospace Systems segment. L-3 further disclosed that the Company expects to incur an aggregate pre-tax charge of $84 million against operating income and a related reduction in net sales of approximately $43 million.
Following this news, the price of L-3 stock declined by $14.68, or over 12%, to close at $104.96 on July 31, 2014.
If you invested in L-3 stock or options between April 25, 2013 and July 30, 2014and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding L-3’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.