L-3 Communications Holdings Inc (NYSE: LLL) Investor Securities Class Action Lawsuit 08/01/2014

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Company Name(s): 
L-3 Communications
Case Name: 
L-3 Communications Shareholder Class Action Lawsuit 08/01/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: LLL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/01/2014
Class Period Begin: 
01/30/2014
Class Period End: 
07/30/2014
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
09/30/2014
Date Settled: 
03/10/2017
Settlement Amount: 
$34,500,000
Deadline to Participate in Settlement: 
07/29/2017
Summary: 

August 16, 2017 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

March 10, 2017 - The court preliminarily approved the settlement.

February 22, 2017 - Parties filed a stipulation of settlement.

March 30, 2016 - The court granted defendants' motion to dismiss as to all claims against the individual defendants without leave to replead and denied defendants' motion to dismiss as to L-3 Communications Holdings Inc.

April 24, 2015 - Defendants filed a motion to dismiss.

March 16, 2015 - The court dismissed defendants' motion to dismiss as moot.

March 13, 2015 - The lead plaintiffs filed a second amended consolidated complaint.

February 20, 2015 - Defendants filed a motion to dismiss.

December 22, 2014 - The lead plaintiffs filed an amended consolidated complaint.

October 20, 2014 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

September 30, 2014 - Lead plaintiff motions were filed.

August 1, 2014 - An investor in shares of L-3 Communications Holdings Inc (NYSE: LLL) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by L-3 Communications Holdings Inc in connection with certain allegedly false and misleading statements made between April 25, 2013 and July 30, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of L-3 Communications Holdings Inc (NYSE: LLL) common shares between April 25, 2013 and July 30, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that L-3 Communications Holdings Inc overstated its net sales and inappropriately deferred contract cost overruns between April 25, 2013 and July 30, 2014.

L-3 Communications Holdings Inc reported that its annual Total Revenue declined from over $13.14 billion in 2012 to over $12.62 billion in 2013 and that its respective Net Income fell from $810.00 million to $778.00 million. Shares of L-3 Communications Holdings Inc (NYSE: LLL) grew from $81.39 per share in April 2013 to as high as $126.76 per share in June 2014.

Then on July 31, 2014, L-3 Communications Holdings Inc announced that it expects to take a pre-tax charge of $84 million, resulting in a reduction of operating income, as well as a related reduction in net sales of $43 million. Shares of L-3 Communications Holdings Inc declined from $119.64 per share on July 30, 2014, to $99.33 per share on July 31, 2014.

On August 8, 2014, NYSE: LLL shares closed at $104.75 per share.