RADNOR, Pa., Aug. 02, 2017 (GLOBE NEWSWIRE) -- Kessler Topaz Meltzer & Check, LLP reminds Booz Allen Hamilton Holding Corp. (NYSE:BAH) (“Booz Allen” or the “Company”) shareholders that a class action lawsuit has been filed in the United States District Court, Eastern District of Virginia on behalf of purchasers of Booz Allen’s securities between May 19, 2016 and June 15, 2017, inclusive (the “Class Period”).
DEADLINE REMINDER: Booz Allen shareholders may, no later than August 18, 2017, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/booz-allen-hamilton-holding-corporation#join.
Shareholders who wish to discuss their legal rights or interests with respect to this action are encouraged to contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or (610) 667 – 7706, or via e-mail at info@ktmc.com.
Booz Allen provides management and technology consulting, engineering, analytics, digital, mission operations, and cyber solutions to governments, corporations, and not-for-profit organizations in the United States and internationally.
The shareholder class action complaint alleges that Booz Allen and certain of its senior executive officers made a series of false and misleading statements to investors about the Company’s business, operations, and compliance policies. Specifically, the defendants are alleged to have made false and misleading statements and/or failed to disclose that: (i) Booz Allen engaged in improper accounting practices in its contracts with the U.S. government; (ii) consequently, the Company’s revenues derived from services provided to the U.S. government were inflated and unsustainable; and (iii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny, potential criminal sanctions, and jeopardize its business relationship with the U.S. government.
On June 15, 2017, Booz Allen disclosed that “the U.S. Department of Justice is conducting a civil and criminal investigation relating to certain elements of the Company’s cost accounting and indirect cost charging practices with the U.S. government.”
Following this news, shares of the company’s stock declined $7.43 per share, or 18.9%, to close on June 16, 2017, at $31.90 per share, on heavy trading volume.
Booz Allen shareholders may, no later than August 18, 2017, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.