LAWSUIT FILED: Leidos Holdings, Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block & Leviton LLP
Boston, Massachusetts--(Newsfile Corp. - April 21, 2021) - Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that a lawsuit for violations of the federal securities laws has been filed against Leidos Holdings, Inc. (NYSE: LDOS) and certain of its executives. If you purchased or acquired shares of Leidos between May 4, 2020 and February 23, 2021, you are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at email@example.com, or visit our website for information on the case. The deadline to move the Court to be appointed lead plaintiff is May 3, 2021.
On February 16, 2021, analyst Spruce Point Capital Management published a report concluding that Leidos had "wasted" $1 billion on its May 2020 acquisition of the Security Detection and Automation business of L3 Harris Technologies. The Spruce Point report further alleged that Leidos is "potentially covering up at least $100m of fictitious sales, mischaracterizing $355 - $367m of international revenue," and that Leidos is "concealing numerous product defects from investors, including faulty explosive detection systems at airports, ports and borders." The Spruce Point report further alleged that Leidos' management may be intentionally inflating certain of Leidos' financial metrics to obscure strains from investors. Following publication of the Spruce Point report, Leidos' stock price fell sharply.
Then before the markets opened on February 23, 2021, Leidos published a press release announcing its fourth quarter and full year 2020 financial results. On this news, Leidos' shares fell $10.29 each, or approximately 10%.
A lawsuit has been filed against Leidos and two of its executives in the U.S. District Court for the Southern District of New York. The lawsuit is captioned Morton v. Leidos Holdings, Inc., et al., No. 1:21-cv-019111 (S.D.N.Y.). If you purchased or acquired shares of Leidos between May 4, 2020 and February 23, 2021, you are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at firstname.lastname@example.org, or visit our website for information on the case. The deadline to move the Court to be appointed lead plaintiff is May 3, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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Phone: (617) 398-5600
SOURCE: Block & Leviton LLP
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