Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In FLY Leasing Limited To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in FLY Leasing Limited (“FLY” or the “Company”) (NYSE:FLY) of the May 24, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased FLY securities between May 8, 2014 and March 7, 2016 (the “Class Period”). The case, Margolis v. Fly Leasing Limited et al, No. 1:16-cv-02220 was filed on March 25, 2016, and has been assigned to Judge William H. Pauley, III.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to maintain appropriate accounting policies for business combinations, including FLY’s accounting policy for intangible assets and liabilities for aircraft acquired with in-place leases.
Specifically, on March 8, 2016, the Company announced discussions with the SEC regarding FLY’s accounting policy for intangible assets and liabilities for aircraft acquired with in-place leases. Due to this development, the Company announced that its previously-issued financial statements for fiscal years 2014 and 2015 would have to be modified and that its Annual Report for fiscal year 2015 on Form 20-F might be delayed.
After the announcement, FLY’s share price fell from a closing price of $13.59 per share on March 7, 2016 to a closing price of $12.47 on March 8, 2016—a $1.12 or a 8.2% drop.
If you invested in FLY securities between May 8, 2014 and March 7, 2016 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding FLY’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
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.