A lawsuit was filed on behalf of investors in Orbital ATK Inc (NYSE:OA) shares over alleged securities laws violations and NYSE:OA investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/16/2016 -- An investor, who purchased shares of Orbital ATK Inc (NYSE:OA), filed a lawsuit in Virginia over alleged Securities Laws violations by Orbital ATK Inc in connection with certain allegedly false and misleading statements made between June 1, 2015 and August 9, 2016.
Investors who purchased shares of Orbital ATK Inc (NYSE:OA) have certain options and for certain investors are short and strict deadlines running. Deadline: October 11, 2016. NYSE:OA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that between June 1, 2015 and August 9, 2016 the defendants made false and/or misleading statements and/or failed to disclose that Orbital ATK Inc lacked effective control over financial reporting, that 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 that as a result of the foregoing, Orbital's public statements were materially false and misleading at all relevant times.
On August 10, 2016, Orbital ATK, Inc., formerly Alliant Techsystems Inc, announced that it expects to restate its financial statements for the fiscal year ended March 31, 2015 ("fiscal 2015"), the nine-month transition period ended December 31, 2015 ("2015 transition period"), the quarters in fiscal 2015 and the 2015 transition period, and the quarter ended April 3, 2016. The misstatements Orbital identified relate primarily to Orbital's $2.3 billion long-term contract with the U.S. Army to manufacture and supply small caliber ammunition at the U.S. Army's Lake City Army Ammunition Plant.
Shares of Orbital ATK Inc (NYSE:OA) declined on August 10, 2016 to as low as $67.04 per share.
Those who purchased shares of Orbital ATK Inc have certain options and should contact the Shareholders Foundation.
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