Investor Alert: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Leidos Holdings, Inc.
RADNOR, Pa., March 19, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit has been filed against Leidos Holdings, Inc. in the U.S. District Court for the southern borough of New York City. (NYSE: LDOS) (“Leidos”) on behalf of those who have bought or acquired Leidos securities between May 4, 2020 and February 23, 2021including (the “Class Period”).
Investor Deadline Reminder: Investors who have bought or acquired Leidos Securities during the lesson period, no later than May 5, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to email@example.com; or click https://www.ktmc.com/leidos-holdings-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=leidos
Leidos is a science, engineering and information technology company that provides defense, intelligence, homeland security, civil and health services and solutions at home and abroad.
According to the complaint, Spruce Point Capital Management LLC (“Spruce Point”) published a research report on February 16, 2021 alleging, among other things, that “Leidos may be covering up at least $ 100 million in fictitious sales and mischaracterizing $ 355 – 367 Million USD in international sales. Following the news, Leidos’ share price fell $ 2.58, or 2.4%, to close at $ 105.22 per share on February 16, 2021.
Then, on February 24, 2021, Spruce Point emphasized that Leidos had “substantially expanded” the risk warnings in its annual report for the fiscal year ended December 31, 2020, which was filed after the market closed on February 23, 2021 The share price of the Leidos fell $ 3.13, or 3.3%, to close at $ 90.38 per share on February 24, 2021.
The complaint alleges that throughout the class period, defendants failed to advise investors that: (1) the alleged benefits of Leidos’ acquisition of the security detection and automation business of L3Harris Technologies were significantly overestimated; (2) Leidos products suffered from numerous product defects, including defective explosion detection systems at airports, ports and borders. (3) As a result of the foregoing, Leidos’ financial results have been significantly overstated. and (4) as a result of the foregoing, Defendants ‘positive statements about Leidos’ business, operations and prospects were materially misleading and / or lacking a reasonable basis.
Leido’s investors can no later than May 5, 2021, attempt to be appointed as the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)