STEVENSON, Md., May 18, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of FLY Leasing Limited (NYSE:FLY) (“FLY” or the “Company”) securities during the period between May 8, 2014 and March 7, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until May 24, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company’s securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that during fiscal years 2014 and 2015, FLY had engaged in improper accounting with respect to intangible assets and liabilities for aircrafts acquired with in-place leases.
According to the complaint, following the Company’s March 8, 2016 disclosure that as a result of the Securities and Exchange Commission (“SEC”) questioning 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 determined that it would separately recognize other intangible assets or liabilities from what has been previously recorded and that the impact of such a change could be material to FLY’s previously issued consolidated financial statements and require modification to its accounting for the current and prior year results such that FLY may not be able to timely file its Annual Report for the year ended December 31, 2015, the value of FLY shares declined significantly.
If you have suffered a loss from investment in FLY securities purchased on or after May 8, 2014 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.