NEW YORK, NY --(Marketwired - August 22, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in L-3 Communications Holdings, Inc. ("L-3" or the "Company") (
A complaint has been filed in the United States District Court of the Southern District of New York on behalf of all persons who purchased or acquired L-3 securities between April 25, 2013 and July 30, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that the Company failed to disclose that L-3's financial statements contained errors related to the improper deferral of cost overruns on a fixed-price maintenance and logistics support contract at the Company's Aerospace Systems segment.
On July 31, 2014, L-3 disclosed an internal review into accounting irregularities at the Company's Aerospace Systems segment. L-3 further disclosed that the Company 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.
Following this news, the price of L-3 stock declined by $14.68, or over 12%, to close at $104.96 on July 31, 2014.
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If you invested in L-3 stock or options between April 25, 2013 and July 30, 2014and would like to discuss your legal rights, visit www.faruqilaw.com/LLL . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding L-3's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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