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Levi & Korsinsky announces the commencement of a class action in the USDC for the Eastern District of Virginia on behalf of Orbital ATK, Inc. (NYSE: OA) (“Orbital”) shareholders who purchased shares between June 1, 2015 and August 9, 2016.
The complaint alleges that throughout the class period defendants made materially false and/or misleading statements and/or failed to disclose material information, including that: (a) Orbital lacked effective control over financial reporting; (b) as a result, the Company failed to record an anticipated loss on a contract with the U.S. Army after the loss became evident in 2015. On August 10, 2016, Orbital disclosed it would restate numerous financial statements after discovering errors related to its contract to manufacture and supply ammunition to the U.S. Army. The restatement will reduce reported income from continuing operations by $400 to $450 million in total, and reduce annual revenues by $100 to $150 million in total.
If you suffered a loss in Orbital you have until October 11, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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