Class Action Lawsuit Filed Against L3 Communications by Law Offices Bernard M.
Gross, P.C., Lead Plaintiff Due Date: September 30, 2014 -- LLL
PHILADELPHIA, Aug. 26, 2014 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross,
P.C. filed a class action lawsuit in the United States District Court,
Southern District of New York, 14cv06939, on behalf of purchasers of common
stock of L3 Communications (NYSE:LLL) between January 30, 2014 and July 30,
2014, inclusive (the "Class Period"), pursuing remedies under the Securities
Exchange Act of 1934. This matter is pending before the Honorable Richard
If you wish to serve as lead plaintiff, you must move the Court by September
30, 2014. If you wish to discuss this action or have any questions concerning
this notice or your rights or interests, please contact plaintiff's counsel,
Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via
email at email@example.com or firstname.lastname@example.org. The firm has
expertise in prosecuting class actions alleging violations of the federal
securities laws. Any person who purchased the common stock of L3
Communications (NYSE:LLL) during the Class Period may move the Court to serve
as lead plaintiff through counsel of his choice, or may choose to do nothing
and remain an absent class member.
The Complaint alleges that the defendants made false and/or misleading
statements and/or failed to disclose that: (1) L-3 Communications' financial
statements contained errors related to the improper deferral of cost overruns
on a fixed-price maintenance and logistics support contract resulting in
overstatement of operating income; (2) net sales with respect to the
fixed-price maintenance and logistics support contract were overstated; (3)
the Company lacked adequate internal controls over financial reporting; and
(4) as a result of the foregoing, the Company's financial statements were
materially false and misleading at all relevant times. Noteworthy is that
defendant, Michael T. Strianese, CEO sold over 100,000 shares of L3 common
stock during the Class Period.
On July 31, 2014, L-3 Communications reported preliminary second quarter 2014
financial results. Therein, the Company noted that the results were
"preliminary because the Company is currently conducting an internal review
that could result in increases to the preliminary adjustments included in this
release," but in light of the review, it expects to incur a charge of $84
million "against operating income and a related reduction in net sales of
approximately $43 million." Additionally, the Company disclosed that it
believed that "the amounts associated with these adjustments are the result of
misconduct and accounting errors at the Aerospace Systems segment," and that
it had terminated a number of employees in the Aerospace Segment. On this
news, shares of L-3 Communications fell $14.68 per share, or more than 12
percent, to close at $104.96 on July 31, 2014.
To discuss this action or have any questions concerning this Notice with
respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: email@example.com or
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