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 firstname.lastname@example.org. 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.
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 email@example.com