NEW YORK, Aug. 9, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Mercury Systems, Inc. ("Mercury" or the "Company") (NASDAQ: MRCY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Mercury and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 26, 2022, Glasshouse Research ("Glasshouse") published a short report entitled "Roll-Up Mercury Systems Set to Unravel". The Glasshouse report claimed, among other things, that Mercury's organic revenue is "overstated," that the Company's recent Physical Optics acquisition has been a "disaster", and that management has prematurely recognized revenue on certain significant projects.
On this news, Mercury's stock price fell $4.87 per share, or 7.8%, to close at $57.26 per share on July 26, 2022.
Then, on August 2, 2022, Mercury announced its fourth quarter and full year 2022 financial results, reporting $289.7 million in quarterly revenue, which is below prior guidance expecting revenue between $301.5 million and $321.5 million. The Company attributed the shortfall to "material and order delays that affected the timing of revenue."
On this news, Mercury's stock price fell $7.67 per share, or 13.34%, to close at $49.81 per share on August 3, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
