Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of Orbital ATK, Inc. (NYSE: OA) (“Orbital” or the “Company”) between June 1, 2015 and August 9, 2016, inclusive (the “Class Period”).
Orbital develops and supplies advanced weapon and space systems. In September 2012, the Company entered into a $2.3 billion long-term contract (the “Contract”) with the U.S. Army to manufacture and supply small caliber ammunition.
On August 10, 2016, Orbital reported that it would delay the filing of its quarterly financial statements “due to an ongoing review of accounting matters….” Additionally, the Company disclosed that it expected to restate its fiscal 2015 and subsequently filed financial statements to correct “misstatements” relating to the Contract, which resulted in an overstatement of revenues and operating income in those previously issued financial statements.
Following this news, shares of the Company’s stock declined $17.98, or over 20 percent, to close on August 10, 2016 at $70.79 per share, on unusually heavy trading volume.
The complaint alleges that the defendants made a series of false and misleading statements and/or failed to disclose to investors during the Class Period 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.
If you are a member of the class described above, you may no later than October 11, 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.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
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Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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