- Cost overruns on a fixed-price maintenance and logistics support contract were inappropriately deferred, resulting in overstatement of operating income.
- The Company’s net sales with respect to the fixed-price maintenance and logistics support contract were overstated.
- The Company lacked adequate internal controls over financial reporting.
Glancy Binkow & Goldberg LLP reminds investors of L-3 Communications Holdings, Inc. (“L-3” or the “Company”) (NYSE:LLL) that all purchasers of L-3 securities between April 25, 2013 and July 30, 2014, inclusive (the “Class Period”), have until September 30, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit. L-3 provides command, control, communications, intelligence, surveillance and reconnaissance (C3ISR) systems, aircraft modernization and maintenance, and national security solutions in the United States and internationally. The Complaint alleges that defendants made false and/or misleading statements or failed to disclose that: