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Shareholder Class Action Filed Against FLY Leasing Limited

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of FLY Leasing Limited (NYSE: FLY)  (“FLY Leasing”) between May 8, 2014 and March 7, 2016, inclusive (the “Class Period”).

FLY Leasinginvestors may receive additional information about the case by clicking the link "Join this Class Action" above.     

According to the complaint, FLY Leasing engages  in  the purchase and  lease of  commercial aircraft under multi-year contracts to various airlines  worldwide. As of December  31, 2014, the  Company’s aircraft portfolio  consisted of  127 commercial jet aircraft, including 116  narrow-body passenger aircraft and  11 wide-body passenger aircraft.

The Complaint  alleges  that  throughout the  Class  Period,  defendants  made materially false and misleading  statements regarding the Company’s  business, operational and  compliance  policies.  Specifically,  defendants  made  false and/or misleading statements and/or failed to disclose that: (i) during fiscal years 2014 and 2015,  FLY had engaged in  improper accounting with respect  to intangible assets and liabilities for aircraft acquired with in-place  leases; and (ii) as a result of the foregoing, FLY’s public statements were materially false and misleading at all relevant times.

The Class Period begins on May 8, 2014, when FLY issued a press release and filed a Form 6-K with the SEC announcing its financial and operating results for the quarter ended March 31, 2014 (the “Q1 2014 6-K”).

On March  8, 2016,  FLY disclosed  that  the Company  and the  Securities  and Exchange Commission  (“SEC”)  were  discussing  FLY’s  accounting  policy  for business combinations, including FLY’s accounting policy for intangible assets and liabilities for aircraft acquired  with in-place leases.  FLY stated  that “if it  is determined  after the  conclusion of  the [SEC’s]  review that  FLY should separately recognize other intangible  assets or liabilities from  what has been previously recorded, the impact could be material to FLY’s previously issued consolidated  financial  statements  and require  modification  to  its accounting for the current and prior year results,” and that, “as a result  of the ongoing discussions with the [SEC], FLY may not be able to timely file its Annual Report on Form 20-F for the year ended December 31, 2015.”

Following this news, FLY stock fell $1.12 per share to close at $12.47, a loss of 8.2%,

If you are a member of the class described above, you may no later than May 24, 2016 move the Court to serve as lead plaintiff of the class, if you so choose. 

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed 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 whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  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 toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com


Please complete this form and list your purchase and sale transaction(s) in the FLY Leasing Limited (NYSE: FLY) between May 8, 2014 and March 7, 2016, inclusive (the “Class Period”):

Information Sheet
* Denotes required field
Acquisitions
Date Aquired
Number of Shares Acquired
Acquisition Price Per Share
Sales
Date Sold
Number of Shares Sold
Selling Price Per Share
Did you purchase shares of FLY Leasing Limited prior to the class period?
Area you a current or former employee of FLY Leasing Limited?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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