Orbital ATK Inc (NYSE: OA) Investor Securities Class Action Lawsuit 08/12/2016

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Company Name(s): 
Orbital ATK
Case Name: 
Orbital ATK Shareholder Class Action Lawsuit 08/12/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: OA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/12/2016
Class Period Begin: 
05/28/2015
Class Period End: 
08/09/2016
Court of Filing: 
U.S. District Court for the Eastern District of Virginia
Deadline To File for Lead: 
10/11/2016
Date Settled: 
02/22/2019
Settlement Amount: 
$108,000,000
Deadline to Participate in Settlement: 
05/30/2019
Settlement Notice: 
Settlement Proof: 
Summary: 

June 7, 2019 – Order and final judgement.

February 22, 2019 - The court preliminarily approved the settlement.

January 30, 2019 - Parties filed a stipulation of settlement.

March 2, 2018 - The court granted in part and denied in part defendants' motion to dismiss.

October 24, 2017 - Defendants filed a motion to dismiss.

September 26, 2017 - The court granted in part and denied in part defendants' motion to dismiss.

May 30, 2017 - Defendants filed a motion to dismiss.

April 24, 2017 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Orbital ATK Inc (NYSE: OA) common shares between May 28, 2015 and August 9, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 28, 2015 and August 9, 2016.

November 4, 2016 - Lead plaintiff and lead counsel were appointed.

October 11, 2016 - Lead plaintiff and lead counsel were appointed.

August 12, 2016 - An investor in shares of Orbital ATK Inc (NYSE: OA) filed a lawsuit in the U.S. District Court for the Eastern District of Virginia over alleged violations of Federal Securities Laws by Orbital ATK Inc in connection with certain allegedly false and misleading statements made between June 1, 2015 and August 9, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Orbital ATK Inc (NYSE: OA) common shares between June 1, 2015 and August 9, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 1, 2015 and August 9, 2016 the defendants made false and/or misleading statements and/or failed to disclose that Orbital ATK Inc lacked effective control over financial reporting, that as a result, the Company failed to record an anticipated loss on the Contract after the loss became evident in 2015, as required by generally accepted accounting principles, and that as a result of the foregoing, Orbital ATK Inc’s public statements were materially false and misleading at all relevant times.

On August 10, 2016, Orbital ATK Inc, formerly Alliant Techsystems Inc, announced that it expects to restate its financial statements for the fiscal year ended March 31, 2015 (“fiscal 2015”), the nine-month transition period ended December 31, 2015 (“2015 transition period”), the quarters in fiscal 2015 and the 2015 transition period, and the quarter ended April 3, 2016. The misstatements Orbital ATK Inc identified relate primarily to Orbital ATK Inc’s $2.3 billion long-term contract with the U.S. Army to manufacture and supply small caliber ammunition at the U.S. Army’s Lake City Army Ammunition Plant.

Shares of Orbital ATK Inc (NYSE: OA) declined on August 10, 2016 to as low as $67.04 per share.