Case Page

 

Case Status:    ONGOING    
On or around 09/26/2017 (Court's order of dismissal)

Filing Date: August 12, 2016

According to the law firm press release, Orbital develops and produces aerospace, defense, and aviation-related products for the U.S. Government, allied nations, prime contractors, and other customers in the United States and internationally. The Company was formed through a February 2015 merger between Orbital Sciences Corporation and Alliant Techsystems Inc. In September 2012, Orbital entered into a $2.3 billion long-term contract (the “Contract”) with the U.S. Army to manufacture and supply small caliber ammunition at the U.S. Army’s Lake City Army Ammunition Plant.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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.

On November 10, 2016, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on April 24, 2017.

On September 26, 2017, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended complaint.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: OA
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: E.D. Virginia
DOCKET #: 16-CV-01031
JUDGE: Hon. T. S. Ellis, III
DATE FILED: 08/12/2016
CLASS PERIOD START: 06/01/2015
CLASS PERIOD END: 08/09/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. 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: E.D. Virginia
DOCKET #: 16-CV-01031
JUDGE: Hon. T. S. Ellis, III
DATE FILED: 04/24/2017
CLASS PERIOD START: 05/28/2015
CLASS PERIOD END: 08/09/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Craig C. Reilly, Esq.
    111 Oronoco Street, Craig C. Reilly, Esq., VA 22314
    703.549.5354 703.549.5354 ·
  2. 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 ·
  3. 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