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 announced by Shareholders Foundation - EconoTimes)
SAN DIEGO, Aug. 24, 2016 -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in Virginia on behalf of certain purchasers of shares of Orbital ATK Inc (NYSE:OA) over alleged Securities Laws Violations by Orbital ATK Inc, formerly Alliant Techsystems Inc. The lawsuit seeks to recover damages for certain NYSE:OA investors.
Investors who purchased shares of Orbital ATK Inc (NYSE:OA) have certain options and for certain investors there are short and strict deadlines running. Deadline: October 11, 2016. NYSE:OA investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
In September 2012, Orbital ATK Inc entered into a $2.3 billion long-term contract with the U.S. Army to manufacture and supply small caliber ammunition.
The plaintiff alleges that the defendants made certain allegedly false and/or misleading statements and/or allegedly failed to disclose that Orbital ATK Inc lacked effective control over financial reporting, that Orbital ATK Inc failed to record an anticipated loss on a $2.3 billion long-term contract with the U.S. Army to manufacture and supply small caliber ammunition at the U.S. Army’s Lake City Army Ammunition Plant after the loss became evident in 2015, as required by generally accepted accounting principles, and that as a result, defendants’ statements about Orbital ATK Inc’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On August 10, 2016, Orbital ATK Inc reported that it would delay the filing of its quarterly financial statements "due to an ongoing review of accounting matters..." Additionally, Orbital ATK Inc disclosed that it expected to restate its fiscal 2015 and subsequently filed financial statements to correct "misstatements" relating to the September 2012 contract with the U.S. Army, which resulted in an overstatement of revenues and operating income in those previously issued financial statements. Shares of Orbital ATK Inc (NYSE:OA) dropped from $89.43 per share on August 9, 2016 to as low as $67.04 per share on August 10, 2016.
Those who purchased Orbital ATK Inc shares should contact the Shareholders Foundation, Inc. by e-mail at [email protected] or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 [email protected] 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
