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Case Status:    SETTLED
On or around 03/10/2017 (Settlement preliminarily approval)

Filing Date: August 01, 2014

According to the law firm press release, L-3 is a prime contractor in aerospace systems and national security solutions. L-3 is also a leading provider of a broad range of communication and electronic systems and products used on military and commercial platforms. Through its subsidiary, L-3 Communications Corporation, L-3 provides command, control, communications, intelligence, surveillance, and reconnaissance systems; aircraft modernization and maintenance; and national security solutions in the United States and internationally.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's Aerospace Systems segment. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) L-3's financial statements contained errors related to the improper deferral of cost overruns on a fixed-price maintenance and logistics support contract resulting in overstatement of operating income; (2) net sales with respect to the fixed-price maintenance and logistics support contract were overstated; (3) the Company lacked adequate internal controls over financial reporting; and (4) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On July 31, 2014, before the markets opened for trading, L-3 announced preliminary results due to the disclosure of a concurrent internal accounting review into matters at the Company's Aerospace Systems segment. As a result of its preliminary review, which is still ongoing, the Company announced that it expects to incur an aggregate pre-tax charge of $84 million against operating income and a related reduction in net sales of approximately $43 million.

On this news, shares of L-3 fell $14.68, or more than 12%, on extremely heavy volume, to close at $104.96 on July 31, 2014.

On October 20, 2014, the Court issued an Order consolidating cases, appointing lead plaintiffs and lead counsel.

On February 22, 2017, the parties entered into a Stipulation of Settlement.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

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

About the Company & Securities Data


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COURT: S.D. New York
DOCKET #: 14-CV-06038
JUDGE: Hon. Valerie E. Caproni
DATE FILED: 08/01/2014
CLASS PERIOD START: 04/25/2013
CLASS PERIOD END: 07/30/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-06038
JUDGE: Hon. Valerie E. Caproni
DATE FILED: 03/13/2015
CLASS PERIOD START: 01/30/2014
CLASS PERIOD END: 07/30/2014
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. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date