The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court Southern District of New York on behalf of purchasers of L-3 Communications Holdings, Inc. (“L-3” or the “Company”) (NYSE: LLL) securities during the period between April 25, 2013 and July 30, 2014, inclusive (the “Class Period”).
If you have suffered a loss from investment in L-3 securities purchased on or after April 25, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 30, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that L-3’s financial statements contained errors related to the improper deferral of cost overruns on a fixed-price maintenance and logistics support contract at the Company’s Aerospace Systems segment. According to the complaint, following the Company’s July 31, 2014 announcement of preliminary results and disclosure of an internal accounting review into matters at the Company’s Aerospace Systems segment, the value of L-3 shares declined significantly.