Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion In a Securities Class Action Lawsuit Against Leidos Holdings, Inc.
NEW YORK, March 9, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a lead plaintiff motion in a class action lawsuit filed on behalf of investors who bought or acquired the securities of Leidos Holdings, Inc. (“Leidos Holdings” or the “Company”) (NYSE: LDOS) from May 4, 2020 through February 23, 2021 (the “Class Period”). The lawsuit filed in the U.S. District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you you have purchased Leidos Holdings securities and / or wish to discuss your statutory rights and options Please visit Leidos Holdings’ class action lawsuit or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
On February 16, 2021, Spruce Point Capital Management LLC published a research report claiming, “Leidos may have fictitious sales of at least $ 100 million and characterize international sales of $ 355 to $ 367 million.” The report contained additional allegations, according to which the company “concealed numerous product defects from investors, in particular faulty explosives detection systems at airports and borders”.
In the news, Leidos Holdings’ share price fell $ 2.58 per share, or 2.4%, to close at $ 105.22 per share on February 16, 2021 in a normally high trading volume.
On February 23, 2021, Leidos Holding published a press release announcing the financial results for the fourth quarter and full year 2020. The company reported $ 89 million in fourth quarter revenue related to its SD&A business, meaning the acquisition had only $ 163 million in revenue after two full quarters, the projected revenue of Failed to reach $ 500 million. The company expected cash flow of $ 850 million, well below analysts’ estimates of $ 1.083 billion.
In the news, Leidos Holdings’ share price fell $ 10.29 per share, or 9.91%, to close at $ 93.51 per share on February 23, 2021.
The complaint alleges that throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. Defendants did not disclose: (1) that the alleged benefits of the Company’s acquisition of L3Harris’ Security Detection & Automation business were significantly overrated; (2) Leidos Holdings products suffered from numerous product defects, including systems for detecting explosive explosions at airports, ports and borders; (3) As a result of the foregoing, Defendants’ positive statements regarding the Company’s business, operations and prospects were materially misleading and / or were unfounded.
If you want to serve as the lead plaintiff, you must transfer the court by May 3, 2021 at the latest. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you don’t take action, you may remain an absent class member.
If you you have purchased Leidos Holdings securities and / or wish to discuss your statutory rights and options Please visit https://www.bernlieb.com/cases/leidosholdingsinc-ldos-shareholder-class-action-lawsuit-fraud-stock-375/apply/ or contact Matthew E. Guarnero toll-free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its litigation success with hundreds of lawsuits and class actions, the firm has been featured on the National Law Journal’s “Hot List” thirteen times and on The Legal 500 for ten consecutive years.
LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this Connecticut state complaint is Michael S. Bigin. Past results do not guarantee or forecast a similar result with respect to future matters.
Matthew E. Guarnero
Bernstein Liebhard LLP