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Feds Search Orbital Sciences Offices

The company believes the probe is focused on contracting for launch vehicle programs.
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Orbital Sciences

(ORB)

said government agents executed search warrants Thursday at its Dulles, Va., and Chandler, Ariz., facilities, as part of an investigation the company believes is focused on contracting procedures on certain launch vehicle programs.

The company said its officials are fully cooperating with the investigative authorities. Orbital said it "strongly supports the U.S. government's procurement integrity processes."

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Orbital, a developer of space systems for commercial, civil government and military customers based in Dulles, said it isn't aware of having violated any federal contracting laws, policies or procedures.

Shares of Orbital were down 75 cents, or 7%, to $9.82 in premarket trading.