LOS ANGELES, Feb. 25, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Leidos Holdings, Inc. ("Leidos" or the "Company") (NYSE: LDOS) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: firstname.lastname@example.org, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On February 16, 2021, it was reported by Spruce Point Capital Management that “Leidos’ $1.0 billion levered acquisition of L3Harris’ Security Detection and Automation business (SD&A) is experiencing significant problems, including product defects, that increase the likelihood of a material adverse effect.” This report continued to allege that Leidos misstated its revenue, citing, for example, a $6 million variance between the third quarter 2020 investor presentation and a Form 10-Q, which “raises the possibility that Leidos has booked fake revenue, or is keeping two sets of books.” On February 16, 2021, Leidos stock dropped $3.41 per share, or roughly 3%, to close at $105.22 on following this news.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.