SAN FRANCISCO, Sept. 06, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Orbital ATK, Inc. (NYSE: OA ) that the Lead Plaintiff deadline for the securities class action filed in the United States District Court for the Eastern District of Virginia is October 11, 2016 .
To all investors in OA: If you purchased or otherwise acquired securities of Orbital ATK, Inc. between June 1, 2015 and August 9, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/OA
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing OA@hbsslaw.com .
Orbital ATK remains in the spotlight for its August 10, 2016 announcement that it would fail to timely file its Form 10-Q with the SEC. Orbital further announced that, due to accounting irregularities, investors should no longer rely on several of its historical financial statements.
Orbital’s accounting irregularities will affect the company’s $2.3 billion long-term contract with the U.S. Army. The Company estimates that it will restate its financials to reduce pre-tax operating income by approximately $400 million to $450 million and reduce reported revenue by $100 million to $150 million. Orbital further disclosed that “[a]fter considering the misstatements…the Company believes that the contract will result in a net loss over its 10-year term.”
In response to this news, the price of Orbital’s stock tumbled over 20% on August 10, 2016 to close at $70.79. Orbital has yet to file its Form 10-Q.
“Among other items, we’re looking into why Orbital’s accounting irregularities seemingly went unchecked for so long,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Orbital ATK, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email OA@hbsslaw.com .
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com . Read the Firm’s Securities Newsletter , and visit the blog . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 510-725-3000
