NEW YORK, Feb. 12, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Aerojet Rocketdyne Holdings, Inc. (“Aerojet” or the “Company”) (NYSE:AJRD) in the United States District Court for the Central District of California on behalf of a class consisting of all persons or entities who purchased Aerojet securities between October 15, 2013 and February 1, 2016, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that, throughout the Class Period, Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) the purchase accounting for contracts acquired as part of the acquisition of the Pratt & Whitney Rocketdyne division from United Technologies Corporation in the quarter ended August 31, 2013 was erroneous; (2) the accounting for changes or modifications to one of the acquired Rocketdyne Business contracts beginning in the quarter ended February 28, 2014 was erroneous; and (3) as a result, Defendants’ statements about Aerojet’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On February 1, 2016, the company filed a Form 8-K with the SEC disclosing that consolidated financial statements as of and for the fiscal years ended November 30, 2013 and 2014, and the consolidated financial statements as of and for the quarter ended August 31, 2013, and the consolidated financial statements as of and for the quarters ended February 28, May 31, and August 31, 2014 and 2015 should no longer be relied upon. On this news, Aerojet stock fell $0.56 per share, or over 3.6%, to close at $14.68 per share on February 2, 2016.
If you wish to serve as lead plaintiff, you must move the Court no later than April 11, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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