BENSALEM, Pa. -- (BUSINESS WIRE) -- Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of L-3 Communications Holdings, Inc. (“L-3” or the “Company”) (NYSE:LLL). The investigation concerns possible violations of federal securities laws and focuses certain on statements issued by the Company between April 25, 2013 and July 30, 2014, concerning L-3’s operations and financial performance.
L-3 provides command, control, communications, intelligence, surveillance and reconnaissance systems, aircraft modernization and maintenance, and national security solutions in the United States and internationally. The investigation is related to allegations that the Company inappropriately deferred cost overruns on a fixed-price maintenance and logistics support contract, resulting in overstatement of operating income, and that the Company’s net sales with respect to the contract were overstated.
On July 31, 2014, the Company disclosed that L-3 is conducting an internal review related to accounting matters at the Company’s Aerospace Systems segment, and that the Company expects to incur an aggregate pre-tax charge of $84 million against operating income, and a related reduction in net sales of approximately $43 million, including approximately $50 million related to periods prior to 2014 and approximately $34 million related to the first half of 2014.
If you purchased L-3 securities between April 25, 2013 and July 30, 2014, if you have information or would like to learn more about these claims, 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.