San Diego, CA -- (SBWIRE) -- 04/23/2012 -- An investigation on behalf of investors in shares of Orbital Sciences Corp (NYSE:ORB) over potential securities laws violations by certain officers and directors at Orbital Sciences Corp was announced.
Investors who purchased shares of Orbital Sciences Corp (NYSE:ORB) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Orbital Sciences Corp (NYSE:ORB) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements over Orbital Sciences’ business, its prospects and its operations were potentially materially false and misleading at the time they were made.
Orbital Sciences Corp reported that its annual Revenue rose from $1.12billion in 2009 to $1.34billion in 2011 and its Net Income increased from $36.61million in ’09 to $67.39million in 2011.
Shares of Orbital Sciences Corp (NYSE:ORB) rose from as low as $12.16 per share to over $18 in 2011.
However, NYSE:ORB shares fell from $18.22 on July 22, 2011 to $12 on October 3, 2011 and then climbed back up to $15.85 on October 27, 2011. Since then NYSE:ORB shares lost value and traded in mid-April 2012 at slightly above $12 per share.
On April 20, 2012, Orbital Sciences Corp announced its first quarter 2012 financial results. Among other things, Orbital Sciences Corp said that in December 2011, Orbital Sciences received a letter from the staff of the U.S. Securities and Exchange Commission (“SEC”). Orbital Sciences said the SEC letter included, among other things, a request for supplemental information on certain of Orbital Sciences' accounting policies and disclosures related to the timing of revenue recognition.
Orbital Sciences Corp said it and the SEC staff are currently engaged in discussions regarding certain of the company's accounting and that until these discussions are resolved, it cannot determine if it will be required to supplement its disclosures or restate or make other changes to its historical consolidated financial statements.
NYSE:ORB shares closed on April 20, 2012 at $12.45 per share.
Those who purchased shares of Orbital Sciences Corp (NYSE:ORB), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego