NEW YORK, July 31, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of L-3 Communications Holdings Inc. ("L-3 Communications" or the "Company") (NYSE: LLL). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether L-3 Communications and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 31, 2014, a report published by the Wall Street Journal stated that L-3 Communications, "disclosed accounting irregularities linked to an aerospace logistics support contract, signaling it would take an initial $84 million pretax charge as it cut its full-year profit guidance. The aerospace and defense group said the problems related "primarily" to a Defense Department contract running from 2010 to January 2015, with overstated sales and cost overruns and alleged "misconduct [that] included concealment from L-3's corporate staff and external auditors.""
On this news, shares of L-3 Communications fell $18.71 per share to $101.00, or more than 15.58%, in intraday trading on July 31, 2014.The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com. CONTACT: Robert S. WilloughbyPomerantz LLP email@example.com SOURCE Pomerantz LLP