NEW YORK, Aug. 19, 2016 /PRNewswire/ -- Pomerantz LLP
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, Eastern District of Virginia, and docketed under 16-cv-01031, is
on behalf of a class consisting of all persons or entities who
purchased or otherwise acquired Orbital securities between
June 1, 2015 and August 9, 2016 inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased Orbital securities during
the Class Period, you have until October 11,
2016 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
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. In September
2012, Orbital entered into a $2.3
billion long-term contract (the "Contract") with the U.S.
Army to manufacture and supply small caliber ammunition at the U.S.
Army's Lake City Army Ammunition Plant.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company's business, operations, and prospects. Specifically,
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; 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 Securities and
Exchange Commission Form 10-Q filing deadline for its most recent
quarter and that "the Company's previously issued financial
statements for the fiscal year ended March
31, 2015 ("fiscal 2015"), the nine-month transition period
ended December 31, 2015 ("2015
transition period"), the quarters in fiscal 2015 and the 2015
transition period, and the quarter ended April 3, 2016 . . . should no longer be relied
upon" as a results of misstatements relating primarily to the
Contract. The Company advised investors that "[a]fter
considering the misstatements . . . the Company believes that the
Contract will result in a net loss over its 10-year term."
The Company further stated these issues "indicate the
existence of one or more material weaknesses in its internal
control over financial reporting."
On this news, Orbital's share price fell $17.98, or 20.25%, to close at $70.79 on August 10,
2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP