Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased FLY Leasing Limited ("FLY Leasing" or the "Company") (NYSE: FLY) securities between May 8, 2014 and March 7, 2016, inclusive (the "Class Period"). FLY Leasing investors have until  May 24, 2016 to file a lead plaintiff motion.

Investors who suffered losses on their FLY Leasing investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On March 8, 2016, the Company issued a press release disclosing that the Company and the U.S. Securities and Exchange Commission ("SEC") were discussing FLY's accounting policy for business combinations, including FLY's accounting policy for intangible assets and liabilities for aircraft acquired with in-place leases. FLY also disclosed that "if it is determined after the conclusion of the [SEC's] review that FLY should separately recognize other intangible assets or liabilities from what has been previously recorded, the impact could be material to FLY's previously issued consolidated financial statements and require modification to its accounting for the current and prior year results," and that, "as a result of the ongoing discussions with the [SEC], FLY may not be able to timely file its Annual Report on Form 20-F for the year ended December 31, 2015."

According to the lawsuit, throughout the Class Period defendants issued false and misleading statements to investors and/or failed to disclose that: (1) FLY Leasing had engaged in improper accounting with respect to intangible assets and liabilities for aircraft acquired with in-place leases during fiscal years 2014 and 2015; and (2) as a result, defendants' statements about FLY Leasing's business, operations and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you purchased shares of FLY Leasing during the Class Period you may move the Court no later than  May 24, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to  howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160415005601/en/

Copyright Business Wire 2010