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Case Status:    DISMISSED    
On or around 10/07/2016 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: March 25, 2016

According to the law firm press release, FLY, together with its subsidiaries, engages in purchasing and leasing 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.

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.”

On this news, FLY stock fell $1.12 per share, or 8.2%, to close at $12.47 on March 8, 2016.

On July 20, 2016, the Court issued an Order appointing Lead Plaintiff and approving Lead Counsel.

On September 22, 2016, the parties filed a Stipulation of Voluntary Dismissal of this case.


Sector: Services
Industry: Rental & Leasing
Headquarters: Ireland


Ticker Symbol: FLY
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 #: 16-CV-02220
DATE FILED: 03/25/2016
CLASS PERIOD END: 03/07/2016
  1. Goldberg Law PC
  2. Pomerantz LLP (New York)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available