Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Orbital ATK, Inc. (OA)


NEW YORK, Aug. 17, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Orbital ATK, Inc. (“Orbital” or the “Company”) (NYSE:OA) in the United States District Court for the Eastern District of Virginia on behalf of purchasers of Orbital common stock between June 1, 2015 and August 9, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

According to the Complaint, Orbital made materially false and misleading statements, and/or failed to disclose that (1) Orbital lacked effective control over financial reporting; (2) the Company failed to record an anticipated loss on a $2.3 billion long-term contract with the U.S. Army after the loss became evident in 2015, as required by generally accepted accounting principles; and (3) as a result of the above, Orbital’s public statements were materially false and misleading at all relevant times.

On August 10, 2016, the Company announced that it would miss its SEC Form 10-Q filing deadline for the most recent quarter and that several previous financial statements are no longer reliable due to misstatements relating to the above-mentioned contract with the U.S. Army. When this news was released, shares of Orbital dropped in value, causing investors harm.

If you wish to serve as lead plaintiff, you must move the Court no later than October 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.

Please visit our website at http://www.gme-law.com for more information about the firm.