EQUITY ALERT: The Rosen Law Firm Announces Securities Fraud Class Action Against L3 Communications Holdings -- LLL
08/04/2014 | 06:00pm CET
NEW YORK, Aug. 4, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. today announced that a class action lawsuit has been filed on behalf of purchasers of L3 Communications Holdings, Inc. (NYSE:LLL) securities during the period from April 25, 2013 through July 30, 2014, seeking to recover damages for L3 Communications shareholders for violations of the federal securities laws.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The lawsuit asserts violations of the federal securities laws against L3 Communications and its officers and directors for issuing false and misleading statements about the Company's financial condition. The Complaint alleges that L3 Communications overstated its net sales and inappropriately deferred contract cost overruns during the Class Period. On July 31, 2014, Company announced it expects to take a pre-tax charge of $84 million, resulting in a reduction of operating income, as well as a related reduction in net sales of $43 million.
When the market learned of these accounting improprieties, L3 Communications' stock price dropped, damaging investors. The class action seeks to recover investors' losses.
If you wish to serve as lead plaintiff, you must move the Court no later than September 30, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Yu Shi, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at [email protected] or [email protected]. You may also visit the firm's website at http://rosenlegal.com. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
Yu Shi, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
[email protected][email protected][email protected]