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Case Status:    SETTLED
On or around 01/30/2014 (Other)

Filing Date: July 20, 2011

According to a press release date July 20, 2011, the complaint charges the company and certain of its officers and directors with violations of the Securities Exchange Act of 1934.

The complaint alleges that, during the class period, defendants issued materially false and misleading statements regarding the company’s business and prospects. Specifically, the plaintiffs asset that the defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the company was experiencing significant performance issues with several projects in the Information Systems & Global Systems (“IS&GS”) division and would not be receiving anticipated awards; (b) that growth in the IS&GS division was slowing as the company lost contracts and other contract awards were contested; and (c) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the company, its earnings and prospects.

On July 21, 2009, the company announced its financial results for the second quarter of 2009. Among other things, the company reported disappointing results in its IS&GS division. Following the issuance of the press release, the company held a conference call to discuss the reported earnings and the company’s operations. During the conference call, defendants described the problems facing the IS&GS division and admitted that the company was not performing according to expectations in that important division.

In response to information that the IS&GS division was not performing according to expectations and had not generated anticipated fee awards, the price of the company’s common stock declined from $82.11 per share to $75.13 per share on extremely heavy trading volume. Analysts were quick to note that the Company had recently promised increasing growth in the IS&GS division and expressed surprise at the sudden negative news.

On October 6, 2011, the plaintiffs filed an amended complaint.

On November 7, 2011, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.

On February 15, 2012, the Court issued an Order granting in part and denying in part the defendants' motions to dismiss.

On November 19, 2012, the Plaintiffs filed a corrected amended complaint.

On December 14, 2012, the Court issued an Order granting the motion to certify class. Also on this date, the Court issued an Order denying the Defendants' motion for summary judgment.

On February 15, 2013, the parties entered into a Settlement Agreement. This Settlement was preliminarily approved by the Court on March 27.

On July 23, 2013, the Court issued an Order granting final approval of the Settlement, awarding attorneys' fees and expenses, and directing the Clerk of the Court to enter final judgment.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LMT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 11-CV-05026
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 07/20/2011
CLASS PERIOD START: 04/21/2009
CLASS PERIOD END: 07/21/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-05026
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 10/06/2011
CLASS PERIOD START: 04/21/2009
CLASS PERIOD END: 07/21/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
No Document Title Filing Date