NEW YORK, April 08, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Aerojet Rocketdyne Holdings, Inc. (“Aerojet” or the “Company”) (NYSE:AJRD) of the April 11, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Aerojet securities between October 15, 2013 and February 1, 2016 (the “Class Period”). The case, Travis v. Aerojet Rocketdyne Holdings, Inc. et al, No. 2:16-cv-00961 was filed on February 11, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to properly report in its financial statements (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, and (2) the accounting for changes or modifications to one of the acquired Rocketdyne Business contracts beginning in the quarter ended February 28, 2014.
Specifically, during post-market close hours on February 1, 2016, the Company disclosed that its consolidated financial statements as of and for the fiscal years ended November 30, 2013 and 2014, as well as the consolidated quarterly financial statements released on August 31, 2013 and on February 28, May 31, and August 31, for the years 2014 and 2015 should no longer be relied upon.
After the announcement, Aerojet’s share price fell from $15.24 per share on February 1, 2016 to a closing price of $14.68 on February 2, 2016—a $0.56 or 3.7% drop.
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Take Action
If you invested in Aerojet stock or options between October 15, 2013 and February 1, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/AJRD. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Aerojet’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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Telephone: (877) 247-4292 or (212) 983-9330
