SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in FLY Leasing Lim...
April 18 2016 - 3:23PM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of FLY Leasing Limited
(NYSE:FLY) (“FLY” or the “Company”) securities during the period
between May 8, 2014 and March 7, 2016, inclusive (the “Class
Period”). Investors with losses in excess of $100,000 who
wish to become proactively involved in the litigation have until
May 24, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you
and the Class, you must apply to be appointed lead plaintiff and be
selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether
to accept a settlement for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in the Company’s securities during the
Class Period. Members of the Class will be represented by the
lead plaintiff and counsel chosen by the lead plaintiff. No
class has yet been certified in the above action.
The complaint accuses the defendants of
violations of the Securities Exchange Act of 1934 by virtue of the
defendants’ failure to disclose during the Class Period that during
fiscal years 2014 and 2015, FLY had engaged in improper accounting
with respect to intangible assets and liabilities for aircraft
acquired with in-place leases.
According to the complaint, following the
Company’s March 8, 2016 disclosure that as a result of the
Securities and Exchange Commission (“SEC”) questioning FLY’s
accounting policy for business combinations, including FLY’s
accounting policy for intangible assets and liabilities for
aircraft acquired with in-place leases, FLY determined that it
would separately recognize other intangible assets or liabilities
from what has been previously recorded and that the impact of such
a change could be material to FLY’s previously issued consolidated
financial statements and require modification to its accounting for
the current and prior year results such that FLY may not be able to
timely file its Annual Report for the year ended December 31, 2015,
the value of FLY shares declined significantly.
If you have suffered a loss from investment in
FLY securities purchased on or after May 8, 2014 and held through
the revelation of negative information during and/or at the end of
the Class Period and would like to learn more about this lawsuit
and your ability to participate as a lead plaintiff, without cost
or obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You
may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. Brower Piven also encourages anyone with
information regarding the Company’s conduct during the period in
question to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorneys at Brower Piven have extensive
experience in litigating securities and other class action cases
and have been advocating for the rights of shareholders since the
1980s. If you choose to retain counsel, you may retain Brower
Piven without financial obligation or cost to you, or you may
retain other counsel of your choice. You need take no action
at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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